The 90,000 sqm commercial estate is 95 per cent leased to Nestle Australia, National Australia Bank, Rawson Homes, Unisys and Link Financial Services. Two thousand car spaces are located within the corporate park.

Ian Barter, general manager Northern Region for Frasers Property Australia said Frasers Property was one of the pioneers in the Rhodes area.

"Rhodes Corporate Park is centrally located between the CBD and Parramatta with excellent transport links, making it a very popular destination for major corporations," Mr Barter said.

It is another example of the growth being experienced in the area, that is set for even more growth with the planned airport at Badgerys Creek.

The rise in the population of the area, boosted by the expansion of the education sector, has led to a sharp increase in demand for commercial, retail, industrial and residential space, according to agents.

Even the news that the Commonwealth Bank of Australia (CBA) will be relocating to the Australian Technology Park (ATP) as part of the Mirvac acquisition, leaving Parramatta commercial property market with 40,000 square metres of vacant space in 2020, has not caused too much concern.

This is a significant amount of space, but Wally Scales, director, commercial sales and leasing, capital markets at Knight Frank is of the view that   while disappointing for Western Sydney, this will not create major issues for the Parramatta office market.

"The Parramatta CBD workforce is forecast to increase by 50 per cent, from 50,000 to 75,000 by 2035, generating a requirement for around 250,000 sqm of additional office space over the next 20 years," Mr Scales said.

"Once potential office withdrawals for proposed high-rise residential development around the perimeter of the commercial core are taken into account, we estimate that a new 30,000 sqm office building  will need to be delivered about every two years or so over the next two decades to accommodate this growth."

According to Knight Frank's data, with the stronger NSW economy and low interest rates, state economic growth is forecast to outpace the national average over the next two years.

Knight Frank's Sydney industrial market says a relatively tight leasing market and an outperforming state economy has resulted in improved rental growth. Coupled with further cap rate compression, this is boosting the appetite for developers to progress new projects.

Knight Frank's director of research NSW, Nick Hoskins said these conditions  were proving favourable for positive leasing conditions across Sydney. During the third quarter of 2015 gross leasing (excluding Design and Construct) measured 175,389 sqm.

"Improving leasing activity at a time when vacancies are relatively tight has seen prime net face rents post annual growth of 2.1 per cent. Development activity is also picking up, with 2016 supply forecast to increase by at least 25 per cent compared to 2015," Mr Hoskins said.

It is a slightly different story for the investment market though.

Knight Frank's head of industrial NSW, Tim Armstrong, said that despite investment demand remaining at heightened levels, stand-alone investment opportunities remained limited.

"The strong investment demand from buyers looking to allocate capital to Sydney industrial assets is a trend that has seen further cap rate compression recorded in 2015," Mr Armstrong said.

"Based on five-year weighted average lease expiries (WALEs), prime core market yields have firmed by 55bps in the 12 months to October 2015 to range on average from 6.75 per cent to 7.75 per cent."

Mr Armstrong said secondary yields had  firmed by a similar degree over the past year to range on average between 8.00 per cent and 8.75 per cent.