Parramatta. Relatively low additions

Annual additions in Parramatta have been relatively low over the past five years averaging 19,255 square metres per annum. This is likely to increase as approximately 75,000 square metres of new office space supply is anticipated to be completed from 2012-2015, according to the CBRE. MarketView, Sydney Metropolitan Office market, third term 2011. The first of these developments is the 25,000-square-metre Eclipse, under construction, at 60 Station Street, after securing 70 per cent in tenant pre-commitment and is due for completion in mid-2012.

Parramatta. Office market report

There has been very little activity in the Parramatta office market on both the leasing and investment fronts over the past six months, according to the latest CBRE Sydney Metropolitan Office Marketview report. Sydney Water’s relocation from the Sydney CBD showed the potential for Parramatta to attract tenants from larger office markets. The global financial crisis, however, has stopped and momentum that this deal could have created. The total office space in the Parramatta CBD is 682,595 square metres. Vacancy is 9.6 per cent. Average net face rent is $326 per square metre.