Gross face rents increase across the board

Gross face rents increased across prime and secondary office stock in the Parramatta CBD, in the 12 months to March 2008, according to Knight Frank research. Prime rents were up 2.9 per cent to an average of $390 per square metres and secondary rents increased to average $330 per square metre. Incentive levels remained static over the past year, continuing to average 15 per cent-20 per cent. The Parramatta office market comprises 648,122 sq m of office stock. According to the Property Council of Australia, Parramatta’s vacancy rate decreased from 8.8 per cent, in January 2007, to 7.4 per cent, in January 2008. Total vacancy now sits 150 basis points below the markets 15-year historical average.