October 2017 -Parramatta Retail Sales & Development Overview

11 October, 2017 / Vanessa Rader and Joseph Assaf

The suburb of Parramatta in the western suburbs of Sydney has gone through a massive rejuvenation and revitalisation in recent years, this continues across the Parramatta CBD with continued investment and confidence in the region and with many future plans it is likely to continue this momentum over the medium term.

Home to the fourth largest metropolitan office market in Australia and boasting the lowest vacancy rate in Sydney; this highlights the prosperity of the region and the size of the workforce. Couple this with the 30.66% increase in population over the last five years to 24,798 (Census 2016) driven by the vast increase in high density residential development, growing the total housing stock by 24.93% over the last five years according to the 2016 Census.

A vibrant workforce as well as growing population pool has made this a key location for retailers. Parramatta is also home to one of the busiest rail nodes in Sydney which an average of 400,000 commuters pass through daily, a new university campus as well as being the location of various infrastructure projects designed to aid the travel in and out of the city. This ongoing transformation of the CBD has now dictated a need for the upgrade and investment into retailing which has seen new tenants emerge and a revitalisation of secondary assets into prime retail holdings.

 

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