Assisted by Holly Pitt
With so many new buildings going up and cranes dotting the skyline throughout Parramatta, office workers like myself often find ourselves looking out the window at the changes happening and contemplating the exciting future in store for the city.
According to PricewaterhouseCoopers (PwC), Parramatta is looking to double its economic growth in just five years. In a report commissioned by the City of Parramatta, ' Parramatta 2021', PwC estimates that the 'second-CBD' you and I call home, will see its economy grow by almost $7 billion!
What could this mean for the property market?
This report suggests that an additional $1.2 million per day will be spent on retail by the influx of people into the area. Commercial floor space is similarly set to increase, with an additional 232,000 square metres to become available in coming years.
This means more opportunities to buy and sell property, as well as enriched potential for both retail and commercial leases in the Parramatta region. With the pending completion of Western Sydney University's new development, along with the much anticipated Parramatta Square, the future is certainly looking bright for businesses, residents and visitors to the area.
The aim of the report was to assess the impact of unprecedented levels of public and private investment in the city. A key finding for anyone in the commercial property industry is that that Parramatta will see more than $10 billion worth of investment in economic and social infrastructure, and private commercial and residential development.
A future total workforce of 186,000 people, up by 29,000 from 2016, means a busy and bustling metropolis for all of us currently working and living in the region. The report also predicts that most growth will be concentrated in financial and insurance services.
With Parramatta undoubtedly set for a boom of productivity and fierce development over the next few years, it is essential to acknowledge the changing dynamic of the region. With more opportunities for property development and acquisition, it is paramount to have the best service available to ensure the security of your assets.
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