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Vacancy data
Parramatta Office Market – latest data as of February 2011
- Demand for premium office space is strong
- A-grade vacancies have dropped from 2.9% to 1.8% (2,326sqm leased in the last 6 months, equal to approximately 155 jobs)
- B-grade vacancies have dropped significantly from 12.45% to 7% (8,458sqm has been leased in the last 6 months, equal to approximately 500+ jobs)
- Demand for C and D-grade space is weak
- C-grade vacancies grew to 18.3% - highest since 1995
- D-grade vacancies grew to 15.7% - highest since 1994
The persistent vacancies in C and D-grade stock are a reflection of the poor quality and age of buildings that are becoming increasingly redundant in a market with a strong preference for premium accommodation.
Difficulty finding tenants over the long term will cause owners of these assets to consider refurbishment / redevelopment.
Seeing some secondary sites turn over is in Parramatta’s interest with 43% of the current built form being second-rate stock that does not maximise the available floor space (low jobs potential).
Comparison of the Parramatta Office Market with other commercial centres is provided over page. Sydney has re-bounded well and North Ryde is healthy. Parramatta’s performance is comparable to North Sydney’s – transitioning out of downturn, lagging Sydney.
| Market | Vacancy rate, Jan-11 (%) |
Net Supply 6 month to Jan-11 (sq m) |
Net absorption 6 month to Jan-11 (sq m) |
|---|---|---|---|
| Sydney CBD | 8.2 | 50,933 | 62,417 |
| North Sydney | 10.4 | -33,377 | 8,840 |
| North Ryde | 10.3 | 12,700 | 19,169 |
| Parramatta | 9.6 | 0 | 8,279 |
| Crows Nest / St Leonards | 14.7 | -3,062 | 18 |
| Chatswood | 18.0 | 0 | 3,426 |
There will be no new space entering the market in 2011, but August 2012 will see 25,050sqm delivered via the Eclipse at 60 Station Street (pictured).
This is an opportune time for Council to begin building momentum in the market by engaging with potential new business tenants and working with investors to encourage supply. The forum on 8 March is an opportunity to do so.