MAIN FEATURE
of retail outlets, but these only slightly outpaced the opening of new establishments, indicating a willingness of entrepreneurs to remain agile in an uncertain Covid economy.
The total vacancy rate of retail space( 31 077 m ²) in the CBD in 2020 amounted to 11.5 % of the total space available. In 2019, the total vacancy rate of retail space was 9.4 %.
The total volume in m ² of retail space available in the Central City at the end of 2020 amounted to 270 176 m ², marginally less than the 274 605 m ² recorded at the end of 2019. The total space occupied at the end of 2020 declined by 9 597 m ² from 248 696 m ² recorded at the end of 2019 to 239 099 m ² at the end of 2020. This was a decrease of-3.9 %.
In spite of Covid’ s crushing of the tourism sector and the knock-on effect on the Central City’ s visitor and eventing economies, most Central City hotels pulled out all the stops in 2020 to get domestic guests through their doors. Two hotels were among the developments in 2020, namely the R400 million Hotel Sky development and the Old Bank Hotel. Two aparthotels, WINK Foreshore( valued at R75 million) and Urban Oasis in the East City, were completed in 2020.
The most significant indicator of investor confidence in the Cape Town Central City was the growth in property value from R30.6 billion in 2016 / 2017 to R43.8 billion in 2019 / 2019.
Kane notes that the increase in gross valuation for the Cape Town CBD remains heartening and speaks
18 OCT 2021 SA Real Estate Investor Magazine