Parramatta. Imbalance in demand and supply

The Parramatta office market was heading towards an imbalance between supply and demand, according to Michael Fenton, NSW MD, of Jones Lang LaSalle. “The Parramatta area is in desperate need of new supply if it is going to meet the expansion of existing tenants. Given much of the vacancy only exists in small parcels, there are no options available to larger users within the Parramatta market that would like to upgrade, expand or relocate within the market,” Mr Fenton said in The Sydney Morning Herald. The best solution he said would be for the development of a medium-size office building to be undertaken speculatively. Parramatta was attracting government-related state and federal departments.