The Rise Of The Western Sydney Suburbs
Parramatta Is One Of Australia’s Fastest-growing Commercial Hubs.
More than 20% of Australia’s Top 500 companies have a presence there, and the area also enjoys growing links with China and India. Increasing numbers of internationally recognised companies are looking to the western suburbs to set up shop and make long term investments; Parramatta is rapidly becoming Sydney’s second CBD.
“It’s about time that Sydney looked west to the enormous economic opportunities that the western suburbs’ booming population and forward-looking cities represent.” Marcus Moufarrige, COO of Servcorp Said.
So how can your business take advantage of this?
Office Space Is In Demand
Business growth is fueling huge demand for office space. Vacancy rates are at only 9%, according to Property Council of Australia figures. And despite Parramatta’s rapid growth, only 25,000 square metres of new office space is scheduled to be built here over the next two years; an increase of just 3.7% against a much higher population and jobs growth rate.
This drives prices up, which is great news for commercial property investors, but it puts premium locations out of reach for many smaller companies who don’t have the same money to spend on leasing that multinationals do.
One affordable way to access premium space is through serviced offices. They give you instant entry at a fraction of the cost of setting up your own premises, but with all the features and professional, personalised service that you would expect at your own location.
Statistically, it has been shown that small businesses and branch offices in the serviced office environment have a 60% greater chance of success than those attempting to start by providing their own infrastructure in traditional space.
No longer Just Satellite Suburbs
Thankfully this is now changing. As well as more companies opening offices in the west, teleworking is becoming a popular option for many workers.
A professional way to do this is through a virtual office. This gives you a premium business address and phone number, with access to enterprise grade ICT infrastructure, while allowing you to work from whatever location you like.
It’s expected that teleworking will have a positive impact on suburban house prices. Because inner city living becomes less of a priority, home buyers have a wider choice of places to buy from. They can get more bang for their buck, and purchase a larger property in a less congested area, all without sacrificing their career.
At Servcorp we are embracing these new work practices. We recently partnered with the Federal Government for National Teleworking Week; encouraging our own staff, many of whom live in Sydney’s west, to telework. They enjoyed savings on their travel costs while still being able to participate in meetings via teleconferencing and videoconferencing.
Western Sydney is now a destination. It is no longer a group of satellite suburbs pushing workers into central Sydney. From large enterprises to entrepreneurs, Parramatta and its surrounding suburbs make up a significant hub of innovation and its workers are the future of New South Wales.
About Marcus Moufarrige
Marcus Moufarrige is the COO of Servcorp and a passionate advocate for small business, using his profile to lobby for small businesses interests with both government and the media. Servcorp recently expanded into the new elite Eclipse Tower Parramatta.