Parramatta continues strong run
The Property Council of Australia’s latest Office Market Report released today shows that Parramatta continues to be one of Sydney’s strongest emerging commercial office markets with total vacancy remaining steady at 4.3 per cent in the six months to July 2017.
There is still a zero vacancy rate for A grade office space with high demand driving the vacancy rate down and underlining the need for more premium supply.
“Parramatta continues to grow and develop and we are now seeing the market steady into a long term trend of growth – vacancy rates in C grade stock dropped with only slight rises in vacancy rates in B and D grade stock,” Property Council NSW Executive Director Jane Fitzgerald said today.
“This strong demand will be met with a significant amount of supply with 156,000 sqm due to enter the market from 2019 onwards.
“Parramatta continues to grow and is benefiting from a strong property market and we must continue to focus on encouraging new business and promoting a strong commercial core for the CBD.
“If we are to promote long term economic growth and jobs in Parramatta, then we need to boost the amount of space available for big businesses. Such investment will complement the new transport infrastructure and ensure long term economic growth.”
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Office Market Report July 2017
Analysis – Parramatta market
- Total vacancy in the Parramatta office market remained steady over the six months to July 2017
- The B & D Grade segments recorded negative demand over the period
- There is a significant amount of space due to come online from 2019 onwards
- Vacancy remained steady at 4.3 percent
- 767sqm was withdrawn over the period while net absorption was -212sqm
- A Grade – vacancy remained at 0.0 percent
- B Grade – vacancy increased slightly from 6.2 percent to 6.3 percent
- C Grade – vacancy decreased from 13.2 percent to 11.6 percent due to 1,609sqm of net absorption
- D Grade – vacancy increased from 4.3 percent to 5.2 percent due to -1,574sqm of net absorption
- No space is planned for the remainder 2017
- 25,000sqm is due to come online in 2018
- 156,000sqm is due to come online from 2019 onwards
- 35,000sqm of stock is mooted