Parramatta. Office rents 'attractive'

Average prime gross face rents in Parramatta were currently under $380 per square metre annually said, Chris Gilbert, NSW head of commercial leasing, with Jones Lang LaSalle, when commenting on the 9.57 per cent vacancy rate in the first quarter 2009. Prime grade vacancy was relatively low at 6.27 per cent. He said the rental was attractive relative to the Sydney CBD and other non-CBD markets. Leighton Properties, Grosvenor Australia, St Hilliers and Becton Property Group all have quality office projects on the drawing board ready to be developed, subject to tenant pre-commitments, he said.

Parramatta. Office rents up 8 per cent

The achievable rent for A-grade office space in Parramatta, in August 2008, was $280 per square metre per annum, representing an annual increase of eight per cent from the level recorded in August 2007, according to the Parramatta City Council BizFacts publication. Rents in other areas: Sydney CBD $500 (percentage change 11.00 per cent), Sydney CBD B-Grade $390 (22.0 per cent), North Sydney $405 (7 per cent), Chatswood $300 (0.0 per cent) St Leonards $340 (10,0 per cent), Macquarie Park $260 (8.0 per cent).

Net face office rents in Parramatta

Parramatta’s average net face rent for offices ranged from $280 to $360 per square metre for A-Grade stock and $240 to $270 for B-Grade stock. A-Grade stock ranged from $275 to $330 at Norwest, $290 to $300 at North Ryde, $290 to $320 at SOP/Homebush Bay, and $295 to $320 at Rhodes. Parramatta’s A-Grade office vacancy rate was 2.9 per cent and that for B-Grade stock was 8.9 per cent. Source: Colliers International’s Sydney Metropolitan Office Market Indicators Report: Autumn 2008,