Parramatta’s office market third tightest in Australia
Parramatta’s office market has the third lowest vacancy rate in the country, according to the Property Council of Australia’s latest Office Market Report.
The vacancy rate fell in Parramatta from 4.5 per cent to 4.3 per cent in the six months to January 2017 with only East Melbourne and Southbank in Victoria producing lower vacancy rates.
"Parramatta’s sub 5 per cent vacancy rate puts it third on the list of office markets across the country which means it is a tight tussle for office space,” NSW Executive Director Jane Fitzgerald said today.
“There is still no A grade space available with the vacancy rate sitting at 0 per cent so if you’re a big company looking for A grade space, you’ll have to look outside Parramatta.
“Vacancy rates also decreased across B and D grade assets in the last six months largely due to withdrawals.
“Only C grade space vacancy rates increased from 11.0 per cent to 13.2 per cent due to 2,207 sqm of negative net absorption.”
Over the six months, 26,000sqm of space was added but clearly not enough to meet demand.
“No space is planned for 2017 and it won’t be until 2018 when 25,000sqm is due to come online – we are simply treading water rather than making serious gains on providing the space big business needs,” Ms Fitzgerald said.
“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 business.”
Only a further 77,000sqm of stock is mooted which means the Parramatta office market will continue to be tight for years to come.
For more information or to purchase the January 2017 Office Market Report, click here.
Media contact: William Power | M 0429 210 982 | E [email protected]