Parramatta squeezed for office supply
The Property Council of Australia’s latest Office Market Report released today shows that Parramatta continues to be one of Australia’s strongest emerging commercial office markets with total vacancy decreasing in the six months to January 2018.
The overall vacancy rate reduced form 4.3 per cent to 3 per cent due to 7,751sqm of net absorption and 2,052sqm of withdrawals. A Grade office space continues to have a 0 per cent vacancy rate.
“Parramatta continues to grow and develop and we again see a very tight market in all grades of space– vacancy rates in B and C Grade stock dropped, with only a slight rise in vacancy for D Grade stock,” Property Council NSW Executive Director Jane Fitzgerald said today.
Key market indicators, Parramatta (aggregate)
“This strong demand will be met with a significant amount of supply due to come online from 2018 onwards with 193,222sqm due to enter the market.
“Parramatta 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.”
William Power | M 0429 210 982 | E firstname.lastname@example.org