You will be surprised what a refresh of an area can do for business confidence. Add to that the substantial office projects under construction, and planned, for which things change again. Sometimes it just takes small changes to change perceptions.the investment view is, and can only be, present worth of future benefits. similarly, it must match (or be in line with) an investors investment objectives.
with regards to potential for business, still am unsure what it is (i.e. what vicurban are trying to sell). private business have had every opportunity in the past to go there (sites are there, deals could have been done, rent is cheap etc etc) but they have decided not to, instead opting for mount waverley, box hill, notting hill, burwood & obviously cbd & inner-suburbs. in other words, still cant see how the attraction of new trees in the street, new footpaths on lonsdale st, new street lights etc will drive demand for private business to move out there and have a dandenong address & hence office space supply be created. interesting times ahead. sure over time it will evolve, for it has too (quality of current improvements are shit & past their useful economic life so change will take place).