In an innovative collaboration, The Property Council of Australia and the City of Parramatta have joined forces with Deloitte to launch a comprehensive research report titled “Parramatta: The Heart of Global Sydney.”
This strategic initiative aims to unlock the potential of the Parramatta Central Business District (CBD) amid an unprecedented surge in available office spaces.
The report, born out of extensive engagement with leaders in commercial real estate, landlords, tenants, and business executives across the region, outlines a visionary strategy pinpointing five key growth markets for new office tenancies.
One notable trend identified in the research is the growing demand for industrial tenants’ corporate offices. With industrial land facing increased pressure to maximize operational output, administrative functions are relocating to the CBD. Notably, in 2022, 47% of major tenants in Parramatta originated from industrial lands, including industry giants such as Endeavour Energy, LG, and Hitachi.
Parramatta’s strength lies in its diverse population, with 57.6% of residents born overseas. The report emphasizes the strategic and cultural connectivity of this diverse community, presenting a unique opportunity to attract talent, establish global business links, and foster connectivity on a broader scale.
Lord Mayor of Parramatta Councillor Pierre Esber said Parramatta’s CBD is a growing economic powerhouse. “Parramatta is the true beating heart of Greater Sydney – and with more people set to live to its west than its east by 2036, it makes sense more and more businesses are building a presence here,” Cr Esber said. “The billions of dollars of investment transforming our City have made it a marketplace of ideas and a magnet for culture, talent and entrepreneurship. It’s a natural choice for commercial tenants looking for new headquarters.”
Addressing the challenges faced by the Westmead Health and Innovation District, the strategy suggests complementing this precinct by leveraging the Parramatta CBD’s ideal balance of proximity without the critical operational constraints faced by Westmead.
The report also highlights the potential for growth in the Information Technology services sector, aligning with the resident workforce in Western Sydney and boasting access to university education and business start-up hubs. Additionally, the creative industry is spotlighted as a significant opportunity, with ABC’s relocation to Parramatta and government investments in cultural infrastructure, such as the Powerhouse Museum, enhancing the appeal for media, film, and arts organizations.
The Property Council of Australia’s Western Sydney Regional Director Ross Grove said the paper’s launch charts a course for maintaining the momentum of Parramatta into the future. “Parramatta’s office market has undergone a massive transformation,” said the Property Council’s Western Sydney Regional Director Ross Grove. “We have seen a wave of new A-Grade office stock opening up across multiple sites at once. This stock is filling-up, but it is often coming at the expense of the existing B-Grade office market – so we’ll need additional commercial tenancies to grow the size of the pie for everyone.”
To materialize these opportunities, the report outlines next steps for both government and industry stakeholders. By implementing these recommendations, Parramatta is poised to solidify its position as the heart of global Sydney, offering a dynamic and thriving business ecosystem. This strategic collaboration sets the stage for a transformative era, unlocking the full potential of Parramatta’s CBD.
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