The City of Parramatta Council commissioned the Parramatta 2021 report, which found that the economy of Sydney’s “second CBD” will grow by $7 billion to $30 billion by 2021.
The report estimated that Parramatta would have a total workforce of 186,000 by 2021, up by 29,000, with almost three-quarters of the jobs growth coming from the financial services, health and government sectors.
It said commercial floor space would increase by more than one third of current levels, and that an extra $1.2 million would be spent on retail each day by workers, residents and visitors, in the next five years.
City of Parramatta Council Interim General Manager Greg Dyer said Parramatta’s future would be exciting, with many organisations and government departments already moving to the CBD.
“Parramatta is already a significant economic hub and a major employment and retail centre, and the completion of projects such as Parramatta Square will take our city to the next level,” he said.
PwC Economics and Policy Partner Jeremy Thorpe said PwC had forecast an investment boom of more than $10 billion, which would stimulate new jobs and attract people to Parramatta.
“As we get more people working and living in Parramatta that will transform the area, it will enable the CBD to become more vibrant,” he said.
Mr Thorpe said Parramatta CBD would become denser, with newer, taller buildings and would be better connected, with the introduction of Light Rail to other hubs such as Homebush and Westmead.
KPMG Managing Partner, Western Sydney, David Pring, said Parramatta’s potential for growth was finally being realised.
He said Parramatta would become more “activated” with a business feel during the day and a developing night life. The $2B
Parramatta Square development will change the look of the CBD and add to its bustling feel.
While a lack of office space in Parramatta is a concern, Mr Pring supported strategies like that at Parramatta Square, which would provide space for more diversified tenants.
However, he said as Parramatta grew it was important to get the infrastructure right.
“Light rail is on the cards (for the east-west traffic flow in Parramatta) but there is no north-south flow to traffic. There is a big spend on infrastructure coming up but more needs to be done over the next 20 years.”
Western Sydney University (WSU) will lease the first of the commercial buildings completed as part of the Parramatta Square development, the 14-storey One Parramatta Square.
Western Sydney University Assistant Vice-Chancellor, Strategy and Projects, Dr Andy Marks, said Parramatta would become an important centre of activity.
“Moving to the heart of the Parramatta CBD is about making sure WSU is right in the middle of where business is happening,” he said. “We’ll be integrating teaching and research with the local business community.”
Dr Marks welcomed Parramatta’s vision for a “smart city” with innovative, technology based business. “This is a real opportunity to showcase how universities and cities can work symbiotically,” he said.
By 2021:
- Parramatta’s population will grow by 41,000 residents. This is the equivalent of two busloads of new residents per week.
- About 22,000 extra people will be working in Parramatta, bringing the total to 186,000.
- More than $10 billion will be invested in constructing roads, light rail, schools, hospitals, universities, offices, shops, accommodation, a museum, a sports stadium, and new public spaces.
- Parramatta’s economic growth is anticipated to almost double from 2.4 per cent per annum to 4.6 per cent per annum, due to infrastructure investments and future developments.
- Parramatta’s commercial floor space is estimated to expand by 232,000 square metres.
- The anticipated population and commercial growth will see an extra $3 billion in retail turnover in the city centre.
