Parramatta. Slight decrease in office vacancies

Office vacancies in Parramatta have reached their lowest levels in over four years, showing a slight decrease down from 7.4 percent to 7.3 percent, in the six months to July 2008, according to the Property Council of Australia. Ken Morrison, executive director, NSW said while the drop in vacancy rates was positive, the past half-year had been a flat period for the city. “For now, Parramatta’s only real worry is the competition posed by North Ryde as that market continues to expand and reap the benefits of the Chatswood to Epping rail line, which is due to open next year.” A Grade vacancy increased slightly from 2.9 per cent to 3.0 per cent, B Grade dropped from 8.9 per cent to 7.9 per cent, C Grade increased from 9.1 per cent to 10.2 per cent, and D Grade decreased from 9.8 per cent to 9.6 per cent. Some 16,023 square metres of new space is due to enter the market in the second half of 2008, with 23,000 square metres scheduled in 2009.