Central Sydney, which serves as Australia’s business and financial capital, is currently on a development boom that will change its outlook for years to come. The city’s transformation reflects continued evolution to a highly sophisticated yet diverse service economy. A collection of large urban projects are expanding Sydney’s CBD- creating a more lively precinct with quality commercial space and lively streetscapes that support an eclectic mix of uses.
For long, the CBD and Harbour have maintained a reputation as the greatest financial and business hubs within Sydney. The vibrant local environment, as well as tourist activities in the greater Sydney region, supports a myriad of professional and business activities in the city. The concentration of large multinational corporations and small businesses across different sectors continues to attract global talent and investment to the heart of Sydney. To this end, we cannot skimp on the increasing number of business establishments in the neighbouring areas. And for the city to remain competitive while accommodating future’s demand for business and office space, the government must enable innovative growth within the Greater Sydney.
An increasingly growing start-up scene
Sydney is one of the most popular choices for startups in New South Wales and Australia at large. As a global financial capital, the bustling CBD is home to the largest corporations and hottest startups in the city. With the growing support networks across the city, areas near the business district are increasingly becoming ideal for entrepreneurs and small businesses. In fact, Sydney’s startup scene now compares to that of Paris and Singapore.
Several business incubators in the city collaborate with entrepreneurs to help them build and grow their start-up businesses. The Eastern Economic Corridor further strengthens the economic potential of Sydney’s CBD. Coupled with the trending developments, the city attracts a myriad of start-ups across different sectors including technology, networking, insurance, finance and other retail businesses.
With the possible shortage of office supplies in the near future, planning controls in the city should be flexible enough to facilitate the development of an innovation-based economy. This undoubtedly includes outwards extension of Sydney CBD to Parramatta and Norwest.
Future outlook – The growing appeal of Parramatta and Norwest
With demand for commercial space in Sydney CBD showing not a single sign of abating, Parramatta and Norwest are becoming marquee locations for discerning entrepreneurs. The areas are rapidly gaining appeal, due to the continued transformation and vast infrastructure that supports business growth. There’s a lot of changeover in the greater Parramatta and Norwest. Both are getting stronger and better connected, and continue to play even a more important role in the growth of Sydney.
Since the early late 1960s, local councils and urban planners have identified Parramatta and Norwest as preeminent commercial centres. This saw progressive relocation of businesses and state agencies to the areas- a sign that the centres’ designation would match that of Sydney’s CBD in future. Today, the areas are major office markets hosting a range of business activities. The attraction of private investors in the centres is an economic catalyst for the greater Sydney.
From a future planning perspective, the local councils in Parramatta and Norwest seek to implement controls that will:
– Increase the capacity of business growth and job creation
– strengthen the centres’ position as part of metropolitan Sydney CBD
– Strengthen opportunities for the construction of high-quality commercial space
– Facilitate the provision of world-class community infrastructure to serve the growing business district.
The Greater Parramatta and Norwest metropolitan centres are entering a period of sensational transformation, steered by an unprecedented level of federal, corporate and institutional investments.
Parramatta stepping on the race to become Sydney’s second CBD
Hundreds of business groups have always aspired that Parramatta makes it’s way up as Sydney’s second CBD, an aspiration that was largely unmatched by reality for years. However, current projections indicate a close gap between this hype and reality. Parramatta’s business and economic growth outstrips that in other major business centres within Sydney. This means Parramatta’s vision of achieving a dual CBD status is realistically, still on course.
According to research, figures reveal that growth in Parramatta CBD is at an all-time high of 32 per cent, which will see it leapfrog North Sydney and Macquarie Park to become the second largest office market in the metropolis. Worth noting is the construction of Parramatta Square, a 2 billion dollar complex that will supply close to 200,000 square metres of commercial space. This will revamp the city and bring thousands of businesses to the heart of Parramatta. A perfect storm of economic growth, political will and increasing population in Western Sydney propelled the project, with the multi-billion precinct now among the biggest urban renewal projects in Sydney.
The influx of new commercial space in Parramatta is timely. It has come at a critical time when the city needs to rebalance its business potential with the apartment boom that has gripped the broader Western Sydney region. In one short period, thousands of workers are expected to relocate from Sydney CBD and other suburbs to Parramatta. As the ambitious plans to make Parramatta a core business centre continue taking shape, hundreds of small businesses are fuelling economic growth in Western Sydney.
What this means for your business
The business boom in Sydney CBD and the surrounding areas has reached a level that has never been experienced. Steady demand, relatively low supply and buoyant start-up confidence are putting huge pressure on Sydney’s CBD commercial space market. This means as new businesses continue to come in, existing ones are also looking to relocate.
While some businesses will prefer to stay away from the competitive central district, others will find it advantageous to locate directly at the centre of a powerful shopping precinct. Either way, small businesses must embrace this change, enjoy the pressure and work towards achieving a competitive edge. The best approach would be to analyse your market niche and identify potential opportunities for business growth and success.