Parramatta has absorbed over 20,000 sqm of office space in the past year.
As Sydney’s CBD performance continues to slide due to businesses packing up or reducing the amount of space they need, other parts of NSW have gathered momentum.
A recent report from The Property Council of Australia looked at the changing CBD and non-CBD office markets across the country and measured their performance in the wake of the pandemic.
The report found that a number of office locations were unable to fully recover, leaving other suburbs in the country to take up stock and absorb businesses moving in.
Parramatta’s CBD is out performing Sydney’s office market.
Both Sydney and Melbourne’s CBD recorded with increases in vacancy to 11.3 per cent and 13.8 per cent respectively, over the past year.
Meanwhile, markets such as Parramatta and Newcastle have outperformed the major cities – with high rates of demand to occupy space.
Ray White’s commercial head of research Vanessa Rader said Parramatta’s office market had continued to grow with high quality A-grade assets being added to the market and stock nearing a million square metres.
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Sydney’s CBD was left empty during the pandemic as governments enacted lockdown laws. (AAP Image/Dean Lewins) NO ARCHIVING
“The report measured the office markets using annual net absorption to market size. This…
