Parramatta offices have lowest vacancy rates in NSW
Parramatta’s title as Sydney’s second city is gaining more strength after figures revealed the demand from the commercial market is charging ahead.
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Demand from commercial market to establish offices in Parramatta is surging ahead, new figures from the Property Council of Australia report have revealed.
The Office Market report shows Parramatta CBD’s construction boom is generating
more office space and ensuring businesses are moving in as soon as the ribbon is cut.
The report, released on Thursday, showed vacancy rates in Parramatta are 3.2 per cent, a 0.4 per cent increase from the last report published in July.
The marginal rise was because of extra space as part of the construction boom.
Property Council of Australia’s Western Sydney regional director Ross Grove said
Parramatta’s performance was still ahead of other commercial office centres in the state.
He cited the strong growth on Walker Corporation’s 4 Parramatta Square tower opening in December.
More than 7000 workers, including 550 Planning Department staff, will work in the 40-storey tower Darcy St office by June.
The tower, which is part of the $2.7 billion Parramatta Square redevelopment, will see 65,000sq m of office space and the influx of workers will form the largest government agency leasing commitment in western Sydney.
“Demand from government tenants and professional services construction is ensuring
vacancies are tight and the improved connectivity will ensure there is a strong pipeline of
demand into the future to support a number of office developments already under way,’’ Mr Grove said.
“New infrastructure projects such as Parramatta Light Rail and the Sydney Metro West, as well as the growth of Westmead, means the area is well placed for further commercial office
investment into the future.”
This year, 73,513sq m of space is due to be available in Parramatta, followed by 28,000sq m in 2021 and 45,700 sqm from 2022 onwards.
Parramatta Lord Mayor Bob Dwyer welcomed the report’s findings.
“The City of Parramatta continues to outshine other CBDs in NSW by again recording the
state’s lowest office vacancy rate,’’ he said.
“With more than $20 billion in private and public investment being delivered across the city, along with an unprecedented jobs boom, Parramatta will become an even more attractive destination for investors, businesses, and tenants in years to come.”