Prime CBD office rents up to $390 per sqm

In the Parramatta CBD in the 12-months to March 2008, gross face rents increased across prime and secondary office stock. Prime rents were up 2.9 per cent to an average of $390 per square metre and secondary rents increased to average $330 per square metre. Incentive levels remained static over the past year, continuing to average 15-20 per cent. Parramatta experienced its strongest injection of new supply in 2007 since monitoring commenced in 1990, with 70,535 square metres of office space completed. Supply levels will fall in 2008 with 5173 square metres due for completion, before picking-up in 2009 with 42,760 square metre set to enter the market, according to Knight Frank research. The Parramatta market currently comprises 648,122 square metres of office stock