Parramatta. Office vacancy rate rising

Parramatta has seen net absorption turn negative in the 12 months to July 2010, with the overall vacancy rate rising to 10.1 per cent, according to the third quarter CBRE Marketview on office space. The Grade A market remains tight at 3 per cent however Grade B vacancy is approaching 15 per cent indicating that demand is for better quality space. As a result of this, construction activity is expected to increase recommence in the short term with a number of prime sites available. The average net face rent is $333 per square metre. Parramatta has a total office stock of 685,371 square metres ranking fourth in the metropolitan area after Sydney CBD, 4,795,607 square metres, North Sydney 864,170 square metres and Macquarie Park, 728,527 square metres.