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 today.
The office vacancy rate in Parramatta stands at 3.2 per cent, a 0.4 per cent change from the last report published in July 2019, with Parramatta's performance ahead of all other commercial office centres in the state.
Key market indicators, Parramatta (aggregate)
Grade |
Vacancy, Jan 20 (%) |
Vacancy, Jul 19 (%) |
Net absorption, 6 months to Jan 20 (sqm) |
A |
0.4 |
0.5 |
62,301 |
B |
3.4 |
2.3 |
-11,076 |
C |
9.0 |
7.1 |
-3,907 |
D |
4.4 |
4.5 |
-117 |
Total |
3.2 |
2.8 |
47,201 |
"Paramatta is performing well as a destination for new office space, with new construction projects bringing additional office space online and businesses moving in as soon as the ribbon is cut," said Property Council of Australia's Western Sydney Regional Director Ross Grove.
"Parramatta recorded the strongest net demand for office space over the six months to January 2020 - over eight times its historic average. This is mainly due to Walker Corporation's Parramatta Square 4 tower coming online late last year.
"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 underway.
