PARRAMATTA is continuing its rise with more new office space coming onto the market, according to the recent Property Council of Australia’s Office Market Report.
Net absorption in Parramatta has increased to 28,673sqm, while the vacancy rate has risen from 4.8 per cent to 6.4 per cent over the six months to January 2021.
“For all that is going on in the world, Parramatta is still in a strong position,” the Property Council of Australia’s Western Sydney Regional Director Ross Grove said.
“Parramatta now has more office space leased than it had pre-COVID, and we have more people taking up office space than leaving.
“While there is growing demand for office space, we also had more new office space which came onto the market, meaning our vacancy rate has risen from 4.8per cent to 6.4percent. This is still the lowest vacancy rate of any commercial centre in New South Wales and sits well below the nationwide average, which saw a rise from9.6per cent to 11.7percentover the same period.
“These results are pleasing for everyone with an interest in the success of Parramatta, but we cannot afford to take our foot off the pedal. We need the government to press on with its infrastructure agenda, and we need the public and private sector to promote the return of workforces to our CBD.
“The return of the workforce to Parramatta is crucial to supporting our local cafes, restaurants and drycleaners. Our small businesses bring life and joy to our city. They’ve been through an extraordinarily tough year and the return of their customers is an important step in reactivating our city,” said Mr Grove.