The Hills. Growth over three years

Total sales by local companies in the Sydney Hills has grown from $9.8 billion to $17.1 billion in three years, according to economic modelling figures compiled by Compelling Economics for The Hills Shire Council. Local jobs have risen from 44,000 in 2007 to 51,000 jobs in January 2010. Total economic output growth has exceeded 74 per cent over the last three years.

Parramatta. Minister launches Switch

The Minister for the Arts, Virginia Judge, has launched the $1.8 million Switch Digital Arts Centre, operated by the Information and Cultural Exchange (ICE), to provide access to cutting-edge technology and training for emerging digital artists in the region. The NSW government has provided a total of $335,000 for the new centre including $175,000 from Arts NSW, $110,000 from the NSW Department of Human Services – Community Services, and $50,000 from Community Building Partnerships. In addition, Screen NSW provides $60,000 per annum to ICE under its Screen Industry Development Fund. Last year the NSW Government provided $50,000 to help ICE relocate from Granville to its bigger current premises in Victoria Road, in the Parramatta CBD.

Sydney Olympic Park. Changes to showground

The Department of Planning has on public exhibition a DA for the reconfiguration of the showground main arena, within Sydney Olympic Park, into an oval capable of accommodating an enhanced range of of sporting and cultural events in three modes: show, concert and sporting. Estimated capital investment, $73 million. Construction jobs, 150. Ongoing jobs, 100-200 during events.

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.

Norwest. Activity heating up

Leasing and sales activity at FKP Property Group and Mulpha Australia’s 221- hectare Norwest Business Park is heating up, according to The Australian Financial Review. For example, PwC Private Clients has opened an office in the park, medical giant B. Braum plans a new head office on a site it bought for $4 million and WHK Horwath has taken 700 square metres in a new building.