As the office rental in the booming Sydney CBD continues to rise, tenants are becoming increasingly interested in moving to offices in Parramatta.
Based on data from the Property Council of Australia, the Sydney CBD’s vacancy rates are currently at a decade-low 4.6%, forcing many tenants to look for alternative locations. The 2014 NSW government decentralisation policy has also increased the demand of rental property in Parramatta.
This trend is also encouraging councils in metropolitan areas to invest in developing more workers’ precincts to meet the increasing demand for quality working spaces. According to a Parramatta Council spokesperson, collaborative efforts between private developers and councils are increasing to develop new amenities and common areas for office workers.
Based on data from Colliers International, the current rental for offices in the Sydney CBD is around $1,025 per square metre, whereas the cost for rental in Parramatta is now around $475. According to head of leasing at JLL’s NSW, Daniel Kernaghan, rental markets in Parramatta provide huge discounts compared to the Sydney CBD market. He also explained that the current office deconsolidated trend would provide long-term cost savings for tenants who decide to move to the satellite CBD in Parramatta.
For more information on rental costs and office availability, potential office tenants are encouraged to speak to real estate agents for professional advice. The contact details of preferred agents can be found via word of mouth or Business Cards.
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