Thursday, 4 February 2010

Parramatta. Office vacancies rise

“The Parramatta CBD is a tale of two cities: solid demand for quality office space and negative demand for lower grade stock,” said NSW acting executive director, Glenn Byres, in the Property Council’s latest Office Market Report. Vacancy rates have risen in the six months to January 2010, from 9.6 percent to 9.8 percent. Vacancies topped 10 percent this time last year. “Vacancies in A Grade stock remain very tight at just 2.4 percent – consistent with the result from six months ago and continuing a strong trend in recent years. A big concern is the spike in vacancy rates for C Grade buildings, which are primarily home to small businesses," Mr Byres said. He said 2967 square metres of new space is due to enter the market in 2010, with no further supply scheduled after that. Parramatta is behind North Ryde in the amount of office space.

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