SAPOA SURVEY REVEALS STATIC CAPE TOWN OFFICE VACANCIES
Tuesday, 09 August 2011
The second SAPOA Office Vacancy Survey of 2011 confirms very little movement in the Cape Town office market with most of the vacancy figures remaining relatively static, according to Dave Russell, a director of Baker Street Properties.
Russell says,”Slight increases in vacancies were recorded in Bellville where overall vacancies have moved from 6,2% last quarter to 6,8% today. Also in the Cape Town CBD vacancies have crept up to 10,4% from 9,9% in the previous quarter, however, a noticeable change in the CBD figures has been seen in the ‘A’ grade sector, where vacancies have increased to 11,6% from 10,8% in the previous quarter. This level of ‘A’ grade vacancy was last seen in 2003 when they reached 12%. “In the other five nodes surveyed there was very little movement with overall vacancies in Rondebosch/Newlands, Century City, Claremont and the V&A Waterfront relatively unchanged, with a slight reduction from 4,8% to 4,3% in Pinelands.” Russell adds, “One of the leasing opportunities to arise in this market is in the Nedbank/BOE Building located in the Clocktower Precinct of the V&A Waterfront, where a floor of 1,580m² is available in the premises leased by Safmarine. “Designed by Louis Karol and completed in 2001, this property presents a rare opportunity for tenants looking for quality offices in this world renowned node. This precinct of the V&A Waterfront, which includes the Clocktower, is due to undergo a R500 million upgrade, which will undoubtedly attract the attention of potential new tenants.