Real Estate Investor Magazine South Africa June 2015 | Page 51
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PROMOTIONAL
Typical Rental Rates for Different Land Uses in
Capricorn District Municipality:
Land Use
R/month
R/m2
Office Space - CBD
-
130
Office Space – Other Nodes
-
60
Large Retail Space
-
100
Small Retail Space
-
350
Low CBD Parking
500
20
High CBD Parking
800
32
Low Retail Parking
35
1, 40
High Retail Parking
600
OFFER
24
Source: Jeffares and Green, Parking Management Strategy, 2009
offices for government departments and various
municipalities are based in Polokwane. The growth of
financial services also drives demand for office space.
Development of retail is also a good option, as seen
by the Mall of the North. The Mall’s target market
includes that of local residents and shoppers from
neighbouring African countries.
So too is property investment in parking garages to
cater for this demand in office space.
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For example, in the nearby Capricorn District
Municipality office space in business districts in 2009
cost three to five times that of parking in the same
areas. In retail areas, this ratio exceeds 15 times. The
low price of parking has implications for land use
development, private car trip generation and public
transport ( Jeffares and Green, Parking Management
Strategy, 2009).
RESOURCES
Government Gazette, (2005): Government Gazette,
Vol. 480, No. 27656. Travel Demand Management
Study Business Plan: Parking Study, (2015) Capricorn
District Municipality, Limpopo Provincial Government
Department of Roads and Transport.
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