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Strategic business location
- Parramatta is the geographical centre of Sydney, 24km from the Sydney CBD and the only Sydney centre with a true 360 degree catchment.
- The Global Arc (high value economic corridor of industry, wealth and knowledge jobs) was extended to Parramatta in 2010 making it the conduit between Sydney's most significant concentration of economic assets and the large and increasingly skilled work force of Western Sydney.
- Parramatta's centrality makes it the top ranking destination for employees leaving the Hills area for work
- It is well positioned to become the central hub of an expanded Sydney transport network in the future.
- Parramatta has a diverse economic base with predominance in Health, Finance/Insurance and Government sectors and strong recent growth in the sought-after Professional/ Scientific/Technical sector
- It is the second largest work destination in Sydney employing an estimated 120,000 people in 2011.
- GRP increased 1.4% to $14.8B in 2010/2011, while labour productivity of $62.92/hour was higher than all major urban economies in Australia except Perth as shown in a recent study for Parramatta Council.
- Economic performance is being driven by Parramatta's high-value sectors: Finance, ICT, Property/ Business Services
- There is significant presence in retail, food, accommodation, education, construction and the cultural industries, signalling the emergence of a vibrant 24 hour inner-city economy.
- The productive forces of Sydney are moving west as established Sydney ages and land around Sydney CBD become unattainable.
- Parramatta's catchment is becoming denser with renewal along Parramatta River corridor and around the central Sydney zone.
- Parramatta's population is growing at 3% p.a, 2nd fastest in NSW, three years younger on average than NSW.
- 30% of residents have a degree, higher than Metro Syd (27.7%)
- Links to China and India are growing. Overseas-born Chinese residents make up 8.1% of pop (Syd 2.0%), overseas-born Indian residents make up 6.8% of pop (Syd 3.4%).
- Parramatta is a learning city. UWS will grow to 30,000 students inside 20 years. UNE is opening a CBD FutureCampus. Westmead's four medical research institutes house 900 PhD students.
Cost-effective office market
- Parramatta is already the 6th largest CBD in the country
- Its prime office rents ($410) are significantly lower on average than Sydney ($849), North Sydney ($670), St Leonards ($555) and Chatswood ($500).
- There is 57,000sqm of approved green office space deliverable in the CBD within 18 months (with prelease) with a further 160,000sqm in the pipeline.
- A-grade vacancies are a historically low 2.1% pointing to strong demand and need for new builds.
- Parramatta is the most accessible centre in Western Sydney.
- It is serviced by train, bus, ferry and cycleways along the Parramatta River with good access to the M4.
- Parramatta station is the fourth busiest on the network with 50,000 people arriving by train each working morning.
- Parramatta Council is active in the transport advocacy area and is pursuing commitment to a Western Sydney Light Rail System and Regional Ring Road to manage transport flows into and around Parramatta.
- Parramatta is shortlisted to become the Sydney stop on a future East Coast Fast Rail.
- Parramatta's digital connectivity will be bolstered by the rollout of the NBN in 2014.
- The city has 150 restaurants, 10 bars, 5 international hotels, the Riverside Theatre, Parramatta Stadium, Rosehill Gardens, conferencing facilities and the second largest retail complex in Australia at Westfield Parramatta.
- It hosts the Sydney Festival, Golden Slipper and Parramasala each year as well as a range of smaller activities throughout the year.
- The Parramatta River runs through the centre connecting a large central park, foreshore area, some of the state's best heritage assets and nearby Sydney Olympic Park.
- There has been a noticeable change in the CBD retail mix in the last year with a number of boutique cafes establishing in lanes, and Sydney eateries opening in Parramatta for the first time.
Last updated on 27 Nov 2012