Disney is hot on the heels of online jobs board Seek, which last week confirmed its move to Cremorne Properties' 20,000 square metre new building at 60 Cremorne Street.

Disney and Seek will be joining other tech companies, MYOB, the REA Group, Carsales.com.au, Tesla, Uber and Vinomofo in the precinct which stretches from Church Street to Hoddle Street between the Yarra River and Swan Street.

The US conglomerate will shift from the Como Centre in South Yarra over the river to the 658 Church Street business park.

Giant investment group BlackRock paid $45 million for Building 10 in March last year.

Since then, net effective rents have surged more than 22 per cent, according to research from Colliers International.

Disney has signed a five-year lease on the 2657 sq m space, paying in the low-to-mid $400 a square metre, in a deal negotiated by Colliers agent Travis Myerscough.

MYOB is understood to have extended its space by 2000 sq m and newcomer TBL has leased 1600 sq m at the revamped 79 Swan Street, paying around high-$400 a square metre level.

With vacancy rates at historic lows, the imminent departure of Solly Lew's Just Group at 658 Church Street to his newly purchased St Kilda Road office, will open up 7000 sq m of space in the precinct.

And an historic warehouse at 15 Gough Street offering 1690 sq m of space over four levels has come on the market through Gorman Kelly with an asking annual rent of $470,000.

Previously head office for Just Jeans in the 1970s, it has been occupied by Barrett Burston Malting for the past 20 years.

Mr Myerscough said: "It's going to be hard to find over 1000 sq m in Cremorne in the next year."

CBRE agent Josh Rutman said: "Cremorne is the most tightly held city fringe suburb in Melbourne. That's driving rents and creating a surge of confidence from local and offshore groups keen to develop office space in the area."

Land values have reached nearly $12,000 a square metre, a 54 per cent leap over 12 months, according to data from agents CBRE.

The next test of the market will be revealed by the auction of 33 Cremorne Street which is being handled by CBRE.

The 761 sq m site was purchased by its current owners in 1993 for just $325,000. It's expected to sell for more than $7 million.

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Icon Development, which paid $6.6 million for the old Nuttelex margarine site at 600 Church Street last December, is looking for a buyer for a proposed building which is yet to score a tenant or a permit.

An expressions of interest campaign run by Dawkins Occhiuto and Colliers is understood to have yielded five bidders keen to participate in the "fund through" transaction - in which the buyer effectively pays for the development.

The 5600 sq m building, designed by Woods Marsh, is offered either vacant or with a rental guarantee. Agents have been quoting in the high $40 millions for the vacant building or high $50 millions for the rental guarantee.

Colliers director Rob Joyes said: "It's very difficult for investors to buy good quality assets in this market."

Dawkins Occhiuto director Andrew Dawkins said: "The only reason people are looking to do this is because of the location and the building. As soon as you go into the secondary streets or product they just shun it. These buyers are very discerning."