The comments came as Louie Louie at Verity Lane Market hosted the Property Council's The Life of City: Reimagining Canberra event – a fitting venue for economists, government and industry leaders to find a new beat for the city's heart.
Property Council ACT & Capital Region Executive Director Ashlee Berry said population growth, changing work patterns and cost pressures were reshaping the way people use the city.
"Our city centre must evolve. People make places vibrant, and that means more people living, working and spending time in Civic," Ms Berry said.
"We need to look at all options, from more student and retirement accommodation to schools and more social infrastructure – to support the many people who want to live here."
Ms Berry said planning, zoning, building heights and taxes may all need to change to make new investment in the city centre viable.
"A good example is the Lease Variation Charge – it must be more than a blunt revenue tool. Used well, it can be a lever for adaptive reuse, urban renewal and mixed-use development to bring life back into underused buildings.
"By modernising the system and rewarding projects that deliver public benefits, including through targeted remissions, we can make it easier to repurpose existing assets and attract the investment Civic needs," she said.
Ms Berry said there was room to move quickly with meanwhile use and precinct activation – turning dormant spaces into short-term homes for creative, cultural and community activity while longer-term projects are progressed.
"These activations pull people to the city, support businesses and help the case for investment.
"We should be honest about the story of Civic – what's working, what isn't – and then back the experiences that bring people in after five: culture, study, hospitality, events and safe night-time options alongside new homes.
"Today's event was about shaping the next chapter for Canberra's heart. With the right policy settings and a genuine partnership approach, we can transform Civic into a place where people want to live, work, study and stay.
"Reimagining Civic isn't about holding on to the past, it's about having a clear vision for the future and finding a new rhythm for the city," Ms Berry said.
