The Parramatta office market is undergoing significant shifts, with a stark divergence between prime and secondary assets. A-grade offices continue to attract tenants, but B-grade vacancies have surged to record levels, signaling a clear flight to quality.
While overall leasing demand remains subdued, Parramatta has shown resilience with positive absorption figures and signs of stabilisation. The upcoming Metro West could be a game-changer, boosting connectivity and reshaping market dynamics as it did for North Sydney.
With prime office yields now at 7.3% and investment volumes at historic lows, counter-cyclical opportunities are emerging. This report unpacks key trends, challenges, and potential market turning points for Parramatta’s office sector in 2025 and beyond.
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