The Property Council of Australia’s Office Market Report has revealed office vacancy has increased by 1.3 per cent over the last six months in the Parramatta CBD from 3.2 per cent to 4.5 per cent, however still remains in a strong position despite the impacts of the COVID-19 pandemic.
“While the world economy is experiencing significant challenges, Parramatta’s office market continues to have the lowest vacancy rate in New South Wales,” the Property Council of Australia’s Western Sydney Regional Director, Ross Grove said today.
“The change to Parramatta’s office rate is in line with what is occurring on a national level and we should draw a level of optimism from the new stock set to come online and the pre-committed tenancies supporting this stock.
“Investors coming to Parramatta know there is a long-game at play – a shared vision exists which is supported by an unprecedented level of city-shaping investment in transport, health, education and social infrastructure over the coming decade. Parramatta’s continuing performance as one of the strongest office markets in the country reflects the ongoing strength of this vision.
“Over the coming years the office market is set to experience a strong increase in supply, with an additional 43,763 sqm to be delivered before the end of the year and 65,122 sqm due for completion next year. We can see this in the level of construction activity across the CBD and it’s pleasing to see both the public and private sector taking advantage of the lower levels of pedestrian and traffic movements in the CBD to bring forward key projects, such as the Parramatta Light Rail.
“Support from the NSW Government will be crucial to keep construction going and ensure we have a strong future pipeline of work. The property industry accounts for more than one in ten local jobs in Western Sydney and is central to supporting the economic recovery of the state,” said Ross Grove.
Further analysis and data on the Parramatta Office Market Report are provided below.