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
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
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
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.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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