The Finance and Insurance Services sector is the largest industry in the City of Parramatta by output, generating $9.09 billion in 2017/18 with expectations to rise.
It has also been the fastest growing industry (in absolute terms) in the City over the past decade with output increasing by $3.6 billion since 2007 and is expected to surpass previous output as Parramatta's population grows.
Future Growth Of The Financial Services Sector
Fast growth in the finance and insurance services sector in Parramatta is expected to continue with PwC projecting that the sector will generate 3600 new jobs and an additional $2.2 billion of output by 2021.
Demand for office space in Parramatta is forecast to triple over the next three years. NAB began its relocation of 3000 employees to 3 Parramatta Square in 2020 and QBE has secured its spot as the new anchor tenant at 32 Smith Street, a new office tower in the Parramatta CBD.
Office space in Parramatta is almost half the cost in the Sydney CBD at $520 per square metre versus $1030 per square metre.
A World-Class Business District
The supply pipeline of prime office space will provide leading financial institutions with attractive spaces to help solidify their presence in Western Sydney.
Over the next four years, Parramatta will become a 1 million square metre CBD as 300,000 square metres of office space is added. This will provide much-needed relief to one of the tightest prime office markets in the country where the prime office space vacancy rate in Parramatta remains stable at 1%.
Banks in Parramatta
The Big Four Banks; Commonwealth Bank, ANZ, St. George/Westpac and National Australia Bank (NAB) have all settled in Parramatta and have been joined by HSBC.
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A number of high profile insurance brands now call Parramatta home including QBE, AON and IAG. Financial Services firms such as GE and AMP are also finding Parramatta a profitable expansion hub.
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