16 | New South Wales Duarte Figueira of Commercial Parramatta says little has changed in Parramatta’s buoyant commercial property market over the last six months of 2022. Yields in the area are around 4.5-5% for office space. Industrial property is delivering yields of 4.5%, and retail space is generating yields averaging 5%. Duarte expects these yields to remain stable through the first half of 2023 if the low levels of investment stock on the market continue to prevail. Demand for industrial space in particular, is being driven by demand fromowner-occupiers –mainly distribution-related businesses as well as those in food packaging, consumer goods, flatpack furniture and fashion accessories. Duarte says, “Cashed up buyers are leading the charge for Parramatta industrial property, so rising interest rates aren’t a factor as yet.” He notes, “We are also continuing to see international (and local) demand from registered training organisations/colleges (RTOs) that are choosing Parramatta CBD as an ideal location. This, in turn, is helping to lessen the impact on the current vacancy rate in the CBD office market that is struggling to deal with the legacy of COVID-19 and the “Work From Home” movement.” “The work-from-home trend is impacting demand for office space take up.” Duarte Figueira dfigueira@rhc.com.au Parramatta
RkJQdWJsaXNoZXIy MTI3ODI1