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03 August 2019 Posted by 

PARRAMATTA CONTINUES DOMINANCE

Emgering commercial market strong
PARRAMATTA continues to be one of Australia’s strongest emerging commercial office markets, according to the Property Council of Australia’s Office Market Report released recently.

The office vacancy rate in Parramatta stands at 2.7percent, down 0.3 percent from the last report published in January.
 
Parramatta’s performance is ahead of the Sydney CBD at 3.7percent, followed by Macquarie Park, Chatswood, Crows Nest/St Leonards and North Sydney.
 
By the end of 2020, it is anticipated more than 136,000sqm of newly constructed office space will come online, with a substantial component of this space already underlease.
 
“Parramatta continues its upward trajectory and the market is forging ahead with construction of new office accommodation,” the Property Council of Australia’s Western Sydney Regional Director Ross Grove said.
 
“It is particularly pleasing to see the construction of office space with large floorplates-this is the most attractive type of office accommodation for some of our largest corporate
players and is evidence of Parramatta’s growing appeal.
 
“Parramatta’s ongoing performance can be attributed to a shared vision for the city’s future. The broad and bipartisan consensus in Parramatta provides businesses with the confidence to make large-scale investment decisions.
 
“Staying the course on infrastructure and providing certainty around planning decisions is essential to cementing Parramatta’s status as one of the most attractive destinations for
jobs and investment.”
 
AT A GLANCE
 
▪Total vacancy in the Parramatta office market decreased over the six months to July 2019.
▪The decrease was due to positive demand.
▪Except for C Grade, all other grades recorded vacancy below 5 percent.
▪There is significant space in the pipeline.
 
VACANCY ANALYSIS
 
▪Vacancy decreased from 3.0 percent to 2.7 percent.
▪This was due to 2,094sqm of net absorption.
 
BY GRADE
 
•A Grade–vacancy decreased from 0.8 to 0.6 percent due to 853sqm of net absorption.
•B Grade–vacancy decreased from 4.1 percent to 3.2 percent due to 2,019sqm of net
Absorption.
•C Grade–vacancy increased from 6.8 percent to 7.9 percent due to-1,067sqm of net absorption.
•D Grade–vacancy decreased from 4.4 percent to 4.0 percent due to 289sqm of net absorption
 
FUTURE SUIPPLY
 
▪64,000sqm of space is due to be delivered over the remainder of 2019.
▪72,400sqm of space is due to come online in 2020.
▪98,922sqm is in the pipeline for 2021 onwards.
▪121,000sqm of stock is mooted.


editor

Michael Walls
Publisher
P: 0407 783 413
E: Michael@accessnews.com.au

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Parramatta, as the regional heart of Greater Western Sydney, has grown to become the driving force and economic heart of Australia’s third largest economy. PCI is the city's independent media voice.