Parramatta office buys down 63 percent in 2015: Savills
Office transactions in Sydney's Parramatta district came in at around $243 million in the 12 months to December 2015 according to the February office market briefing from Savills, down 63 percent from the previous year.
Savilss noted transactions in 2014 to December totalled $665 million, noting current figures are down on the five year average of $310 million.
The briefing said investment demand for A Grade stock in Parramatta remains strong, though limited opportunities currently exist for investors.
"The increase in investment activity over the past four years has been largely due to the transaction of many of Parramatta’s prime buildings, as vendors seek to take advantage of sharpening yields and improved investment demand from local and foreign investors," it said.
"However, the 'Private Investor' purchaser category was the most active in the investment market for the 12 months to December 2015, purchasing 36 percent of the stock sold (or $86 million worth of office transactions). Similarly the 'Private Investor' category had the most transactions."
