Parramatta. Demand for office space

The Parramatta CBD had the biggest growth in demand for office space in the country, driving vacancy rates back into single digits over the six months to July 2009, according to the Property Council of Australia’s latest Australian Office Market Report. Driven by strong demand, Parramatta office vacancies decreased from 10.1 per cent to 9.6 per cent in the six months to July 2009. The vacancy rate for A-grade space decreased from 3.1 percent to 2.4 percent. Parramatta seems to have shrugged off the global financial crisis and the last six months has seen it outperform every other office market in the country in terms of demand for space. Overall, this result would be good news for Parramatta City Council’s plans for the renewal of Civic Place, the market report said.