24 | Insights H1 2025 Christian Cirillo from Commercial Parramatta says, “As the rhetoric of lower interest rates continues, so does increased activity within Parramatta’s commercial market both in sales and leasing enquiry.” He adds that this is creating much needed momentum coming into 2025, putting the market in good stead to capitalise on the completion of around $20 billion worth of infrastructure projects with around $10 billion yet to be finished. Data from Arealytics shows 158 new leases were signed in the second half of 2024 though current office leasing conditions and vacancy rates are soft. Commercial Parramatta’s Duarte Figueira says, “We believe this will change in the second half of 2025 as demand will pick up off the back of tenants wanting to capitalise on some of the best rent incentives (up to 40% net) to be seen in years.” Christian Cirillo adds, “Retail has seen a surge in leasing activity as most tenant migration seen recently occurred off the back of tenants chasing better rent deals, in many cases relocating within close proximity.” Parramatta Office Industrial Retail Rents p/m² Vacancy Yields Rates p/m² Six-month market outlook Office Industrial Retail Rents p/m² $300-$750 $180-$220 $400-$1,200 Vacancy 28% 5% 10% Yields 6-6.5% 5-5.5% 6-6.5% Rates p/m² $4,500-$12,000 $4,500-$6,000 $8,000-$12,000 Current market conditions 4.01% New Yield 248 Victoria Road, Gladesville Recent Notable Transactions SOLD $5,650 p/sqm + GST 98 Victoria Road, Parramatta SOLD For more information, contact: Duarte Figueira dfigueira@rhc.com.au Christian Cirillo ccirillo@rhc.com.au
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