PARRAMATTA has recorded the lowest vacancy rate of any office market in Sydney – with a drop to 7.5 per cent, according to the Property Council of Australia’s latest Office Market Report.
“The vacancy rate in Parramatta has hit a five-year low and recorded its best result since July 2008,” Property Council NSW executive director Glenn Byres said.
“All grades of space experienced a drop in vacancy over the sixmonth period to July 2013. A combination of 11,899sqm of stock withdrawals and 5281 of net absorption is the main story behind the numbers.
“There is continued tightening in the A grade market, with 4124sqm of net absorption driving the vacancy rate down from 4.1 per cent to 2.4 per cent.
“Vacancy rates in B grade fell from 6.1 per cent to 5.3 per cent, C grade dropped from 19.4 per cent to 17.2 per cent and D grade went from 13.7 per cent to 9 per cent.”