Parramatta. Slippage in office additions

Net additions in the Parramatta office market slipped back below the five-year historic average of 21,703 square metres during 2008, with 12,204 square metres of additions recorded, according to the CBRE Sydney Metropolitan Office Marketview. With grade A vacancy near record lows, Parramatta needs the quality, contiguous space. This is unlikely in the short-term with tenants largely unable to commit and developers unable to finance speculative buildings given current financial conditions. It is expected that potential development sites would come on-line towards 2012 and 2013, when confidence returns to the market.