OFFICE TRENDS
BY ANGIE REDMOND
Cape Town Creates
Aesthetic appeal for offices
T
otal vacancy in the CBD of Cape Town
for office space is in line with the previous
quarter’s f igures at 12.8%, along with
Claremont 21%, Bellville 7.9%, Century City 5.8%,
Rondebosch/Newlands 9.3%, Pinelands 3.3%
and the V & A Waterfront 1.2% according to the
SAPOA office vacancy survey.
One thing which sets apart office spaces from
one another is the aesthetic appeal they ofer to
prospective tenants. Cape Town has shown that
the aesthetics of your office can, in fact, have a large
impact on their vacancy rates.
Dave Russell, a director of Baker Street Properties,
comments, “It is important to note that the buildings
surveyed underwent a re-grading at the beginning
of the year, resulting in a noticeable change to the
CBD figures, where the total A grade area decreased
and the B grade increased. The subsequent reduction
in the A grade and increase in the B grade vacancy
should not be taken as a market trend, but merely
a result of the re-grading. Top quality buildings
in all nodes continue to enjoy little or no vacancies
40
Commercial Handbook 2013
with the bulk of the vacancies located in secondary
buildings. It is in this secondary space where the
landlords compete for tenants, that very favourable
lease terms are being achieved. Interest and activity
in prime located commercial property in Cape
Town’s vibrant Green Point and De Waterkant
areas continues to gather momentum, says Selwyn
Sharon, leasing, sales and investment broker for JHI
Properties.
“Upmarket, trendy space for off ice and retail
accommodation is in demand in prime locations
within these areas. This node has become a
fashionable and sophisticated, highly desirable
‘lifestyle’-type destination to work in, with 15 coffee
shops within a five minute walk, including vibey
venues such as Origin Coffee Roasting and Truth
Coffee Shop, as well as the Cape Quarter lifestyle
shopping centre - all right on your doorstep,” says
Sharon. Currently, rental rates for upmarket office
accommodation in Green Point and the fringe of the
city range from around R110 to R180 a square metre.
Looking back over the past two decades, it’s evident
that requirements for office accommodation have
www.reimag.co.za