Office rental growth in the Parramatta CBD

Rental growth in the Parramatta CBD office market was strong for the 12 months to March 2008 with an indicative net face rent of $323 per square metres for A-grade properties. Yields have begun to soften for the first time since 2003, according to the CBRE Market View. Parramatta’s total office stock was 648,122 square metres in the first quarter 2008, with a vacancy of 7.4 per cent. The next three years are expected to deliver a total of 127,750 square metres followed by a lull in construction activity.