Macquarie Park. Parramatta market overtaken

Macquarie Park/North Ryde comprises 683,842 square metres of office stock, making it the third largest office market in NSW, having overtaken Parramatta, with 647,537 square metres, during 2007. By the end of 2009, the market will be approximately 50,000 square metres shy of pipping North Sydney as the largest office market in NSW after the CBD, said Selina Poyner Knight Frank’s NSW research manager. A majority of new tenants is relocating from North Shore office markets. A further 82,384 square metres was due for completion in the second half of 2008. At present 53 per cent of this stock is pre-committed,

Parramatta. Marginal rise in unemployment

The latest ABS figures show that the unemployment rate in the June quarter 2008 was 3.8 compared to 4.2 per cent for the metropolitan area. The figure was marginally up from 3.7 per cent in the previous quarter. The figure for the June quarter 2007 was 4.2 per cent. Blacktown-south west, with 13.3 per cent, recorded the highest unemployment rate in the metropolitan area. The Blacktown-south west figure has been rising steadily from 10.9 per cent in the June quarter 2007.

Sydney Olympic Park. Rees opens new hotel

Premier Nathan Rees will officially launch the Pullman at Sydney Olympic Park, Western Sydney’s first 5-star hotel, on Thursday. “Sydney Olympic Park was described by many critics as a potential “white elephant” following the Sydney 2000 Games, but since then the precinct has become Sydney’s most dynamic business, events and residential area," said Peter Hook, general manager, communications, Accor Asia Pacific The Pullman joins three other Accor hotels in Olympic Park – Novotel, Ibis and Formule 1.

Rhodes. 'Sought after' office market

Mirvac has secured brewer, Fosters Group, and data services firm, Synovate Aztec as tenants, joining communications company Alcatel-Lucent, in its $115 million.10-level Rhodes Waterside office development. CB Richard Ellis’s, Frank Sassine, said the Fosters and Synovate Aztec deals had confirmed Rhodes’s status as a sought-after suburban office market in Sydney. Fosters will relocate from Broadway and Synovate Aztec from Ryde. Both leases are at $315 a square metre net. The NSW Government has said the development of the Rhodes peninsula will not undermine Parramatta or Burwood.

Parramatta. City strategy manager sought

Parramatta City Council has re-advertised for a manager, city strategy, to lead a multi-disciplinary team comprising strategic policy development and advice on economic development, environmental outcomes, social outcomes, place management and strategic partnerships. Salary package up to $170,000.