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