Parramatta. Massive potential for office space

The Sydney Water headquarters was the only significant addition to the Parramatta market over the last two years and this trend is likely to continue in 2010, with no office buildings forecast to complete during the year, according to the CB Richard Ellis Sydney Metropolitan Office, first quarter 2010 Marketview report. There are a number of development sites scattered throughout the Parramatta CBD, such as, the Exchange, 2 Fitzwilliam Street/127 Argyle Street, Eclipse, 60 Station Street, 105 Phillip Street, 111George Street and Civic Place. The selection of prime development sites could yield over 150,000 square metres and there is the potential for these buildings to begin construction over the short term, which will allow Parramatta to compete with the emerging markets, which surround it such as Homebush Bay, Rhodes, Macquarie Park and Norwest. Parramatta has 682,557 square metres of office space. As at March 2010, grade A gross rents ranged between $375 per square metre and $438 per square metre, with an indicative level of $417 per square metre, the report said.