Monday, 7 June 2010

Parramatta. Government takes most space

The government and community sector was the dominant taker of space in the Parramatta CBD, leasing 68 per cent, or 10,150 square metres, in the 12 months to March, according to Savills’ Parramatta office market report. The majority of leases reported were renewals. Savills have recorded approximately $46 million worth of office transactions in the year to March This was up 35 percent from $34 million in the previous year, and down on the five year average of $138 million. The 'developer' purchaser category was the most active in the investment market, purchasing 74 per cent of the stock sold. The top sale was $48.4 million for the 11,058-square-metre building, at 25 Smith St (corner of Macquarie Street). Recent proposals for state and federal government relocations would give the market some impetus in the coming years. Parramatta is set to become a key centre for office development given the availability of land and continued tenant interest; however generating demand remains the key to growth of the Parramatta market. Parramatta CBD is the fifth largest suburban office centre in Australia with 682,557 square metres of stock as at January 2010.



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