Parramatta. Commercial space for sale

Expressions of interest have been called for a 20-year-old, six commercial office building, at 88 Phillip Street, in the Parramatta CBD. The building, with 112 car spaces and overlooking the Parramatta River, is fully leased at approximately $1.9 million. The net passing income is approximately $1.3 million.

Parramatta. A-grade building up for sale

Capital Corporation has put the 12-storey A-grade Century Centre office tower, at 18 Smith Street, in the Parramatta CBD up for sale with expectations of about $55 million. Tenants in the building, which has a net lettable area of about 12,000 square metres, include NDC, a Telstra subsidiary, Suncorp, Pepper Australia and Employers Mutual. The building was developed in 2001.

Parramatta. Office conditions tight

The Parramatta office market continues to be shaped by the very limited tenancy options for A and B-grade stock, according to Knight Frank’s latest Parramatta office Market Review. Excluding the 25,600-square-metre, A-grade Eclipse Tower, at 60 Station Street, which is scheduled to be complete in August 2012, no new supply is forecast to reach the market until at least 2104, meaning tight conditions will continue over the next few years.

Parramatta. Office demand rising

New research confirms tenant demand is rising, particularly in Parramatta, Macquarie Park and parts of the north shore, according to a report in The Sydney Morning Herald. A CBRE report highlights Parramatta as one of the key markets, with the area’s grade-A vacancy rate having fallen to 1.8 per cent, the lowest rate recorded. The associate director of office services for CBRE, Stephen Panagiotopoulos, said the Parramatta market had very little development activity in recent years, though a number of projects were expected to start between 2012 and 2015

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.

Parramatta. Demand for office space

The Parramatta CBD had the biggest growth in demand for office space in the country, driving vacancy rates back into single digits over the six months to July 2009, according to the Property Council of Australia’s latest Australian Office Market Report. Driven by strong demand, Parramatta office vacancies decreased from 10.1 per cent to 9.6 per cent in the six months to July 2009. The vacancy rate for A-grade space decreased from 3.1 percent to 2.4 percent. Parramatta seems to have shrugged off the global financial crisis and the last six months has seen it outperform every other office market in the country in terms of demand for space. Overall, this result would be good news for Parramatta City Council’s plans for the renewal of Civic Place, the market report said.