CCID REPORT
This is the key finding of the special Covid edition of the annual State of Cape Town Central City Report 2020 – A year in review ( SCCR ), published by the Cape Town Central City Improvement District ( CCID ).
Data in the ninth edition of the annual report ( which reflects on the economic climate in the Cape Town Central City across the previous year ) shows steady confidence in the development potential of the CBD , says CCID board chairperson Rob Kane .
“ The Cape Town CBD once again proved its resilience in a very tough year . While some businesses have closed , many others have survived the first Covid year and it is very encouraging to note that investor and property development interest in the city centre remains steady ,” says Kane .
The 72-page report is indispensable to investors , developers , business owners and retailers wanting to invest in what is arguably South Africa ’ s most dynamic and successful city centre .
Of the 31 new developments ( recently completed , currently underway , planned or proposed in the CBD ), five were completed in 2020 ( conservatively estimated value R972 million ), 15 were under construction in 2020 ( conservatively estimated value R2.9 billion ), nine were in the planning phase ( conservatively estimated value R2 billion ) and two were proposed ( conservatively estimated value R860 million ).
Key developments include Abland ’ s P-grade skyscraper 35 Lower Long ( valued at R500 million ), Ryan Joffe Properties ’ The Rockefeller at Harbour Place ( valued at R500 million ), and WBHO ’ s Hotel Sky ( valued at R400 million ).
Since the report was published , the conversion of commercial building One Thibault , which has been an iconic feature of the Cape Town skyline for decades , into a mixed-use office and residential development ( valued at R500 million ) has confirmed the trend of repurposing commercial buildings .
Other Findings of the
Report are That : The 2 846 entities doing business in the Cape Town CBD in 2020 , including 1 126 retail and entertainment entities , remained resilient to the economic knocks brought on by the pandemic and subsequent lockdown restrictions .
With 1 038 707 m ² total commercial ( office space ) available in the Cape Town CBD , the office vacancy rate as at Q4 of 2020 was 14.6 %.
The economic effects of Covid-19 led to the closure of hundreds
SA Real Estate Investor Magazine OCT 2021 17