COMMERCIAL STRENGTH IN THE CENTRE OF GLOBAL SYDNEY
As the COVID-19 pandemic forced many people to work from home, Parramatta’s commercial office market continued to show remarkable resilience.
According to the Property Council of Australia, Parramatta has more office space leased than it had pre-COVID, with more people taking up office space than leaving.
Net absorption in Parramatta increased to 28,673sqm, while the vacancy rate rose from 4.8 per cent to 6.4 per cent over the six months to January 2021. Demand for office space was positive, so while we observed growing demand for office space, more new office space also came onto the market.
As Parramatta continues its transformation, one of the most impressive new spaces on the market is 32 Smith Street.
32 SMITH STREET: A NEW PARRAMATTA
The new $300 million building at 32 Smith Street is located in the heart of Parramatta’s CBD, among a range of retail, dining and entertainment venues, and is just minutes from Parramatta station and wharf. It marks the entrance to Parramatta’s big end of town when entering the CBD from the north.
The A-grade building covers 26,400 square metres over 29 floors of office space and boasts a 6 Star Green Star Design, while targeting a 5 Star NABERS Rating. This high-quality office space comes complete with state-of-the-art technology and facilities that include spacious changerooms, lockers, showers and bicycle parking space.
The building showcases excellence in design and brilliant functionality. It’s been reported that the designer has “worked in collaboration with sculptor Jamie North to deliver an integrated public art component” which is soon to be installed.
Meanwhile, the building’s entrance “focuses on the arrival experience, whilst activating the network of laneways around the site.” The lift atrium has glazed lifts on the southern façade, to let in natural light and offer 360-degree views for the lucky new tenants.
32 SMITH STREET: NEW TENANTS
Showing confidence in both the Parramatta market and the new development at 32 Smith Street, QBE has secured 51% of the building for an initial term of 10 years, along with signage rights.
QBE has indicated that the move will allow them to “incorporate improved technology and modern workspace design that will encourage greater collaboration and efficiencies between teams.
Showing commitment and confidence in Parramatta into the future, Coleman Greig Lawyers have moved their headquarters to the new 32 Smith Street Tower.
Warrick McLean, Chief Executive Officer of Coleman Greig Lawyers says Parramatta has been the home of Coleman Greig Lawyers for more than 90 years and he’s seen firsthand the benefits, convenience and diversity the city offers.
He says, “We have seen the opportunity, and know from experience that if you give to the region, the region will give back to you.”
Executive Director of the Western Sydney Business Chamber, David Borger, says “Coleman Greig Lawyers is always in tune with what is happening in the region and this move is another example of their commitment to their people and the wider community.”
For those interested in a space in this landmark tower, there are still opportunities available to make a piece of this building yours.
BEYOND 32 SMITH STREET
There’s plenty happening beyond 32 Smith Street, too, with the entire CBD and Legal and Justice Precinct attracting investment and undergoing rapid change. Reports suggest Walker Corp, GPT, Charter Hall and Dexus have all ear-marked Parramatta for developments.
Already, a number of small to medium law firms are located in Parramatta along with three of the big four accounting firms. The number of legal professionals practising within 30 minutes of Parramatta is predicted to almost double between 2016 and 2036 and the Legal and Justice Precinct is well-positioned to support further growth.
Parramatta Square, a $2.8 billion project led by Walker Corporation, is also expected to be completed in 2022. The square will be home to six new state-of-the-art buildings, including four new commercial towers, and a place for office workers, students and the community to mingle, gather, eat, relax and be entertained.
Once complete, the Parramatta Light Rail will connect with this new commercial heart along with existing train and transport links.
The square is expected to house almost 24,000 professional workers, and more than 70 per cent of the commercial space is already leased ahead of its completion date in 2022.
Overall, a further 43,800sqm of office space is due to come online in Parramatta from 2023 onwards and another 29,529sqm of stock is already subject to discussion.