According to Duarte Figueira of Commercial Parramatta, the area’s CBD office market is still being hampered by the ‘work from home’ movement, and this has seen leasing incentives reach a 10year high. Duarte explains that this is having an impact beyond office properties. He notes, “The domino effect of fewer workers in the CBD Monday to Friday is impacting local retailers. Many businesses cannot survive on the equivalent of around three fulltime days per week trade.” While the situation has seen yields soften in the office and retail markets, Duarte says the market for industrial property across the Parramatta region continues to go from strength to strength. “The sector continues to outperform for rates per square metre in terms of both sales and leasing, as demand consistently outweighs stock on market,” adds Duarte. The recent sale of 38-42 East Street, Granville – a 1,494.7square metre mixed use development site, by the Duarte’s team, reflects the depth of demand for Granville, which is rapidly undergoing significant gentrification and fast becoming a dining hub supported by robust local transport options. Parramatta Office Industrial Retail Rents p/m² Vacancy Yields Rates p/m² Six-month market outlook Office Industrial Retail Rents p/m² $350-$750 $180-$220 $400-$1,200 Vacancy 30% 3% 10% Yields 6-6.5% 5-5.5% 6-6.5% Rates p/m² $7,000-$12,000 $4,500-$6,000 $8,000-$12,000 Current market conditions Price Confidential 38-42 East Street, Granville Recent Notable Transactions SOLD $532,000 + GST G.01 & G.02/224-240 Pitt Street, Merrylands LEASED 18 | New South Wales For more information, contact: Duarte Figueira dfigueira@rhc.com.au Christian Cirillo ccirillo@rhc.com.au
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