CAPE TOWN CBD INVESTMENTS
Among other key findings in the report are that : The all-important retail sector – which makes up 1 163 of the 2 981 entities doing business in the CBD – remained stable in 2021 , despite lagging economic conditions . A total of 81 new stores opened in the Central City last year , with 44 closing down , resulting in an overall increase of 37 retail entities .
“ The resounding message emanating from this report is that the Cape Town inner city once again proved itself resilient in the face of economic hardship and uncertainty caused by the pandemic .”
Retail confidence in the CBD rebounded in the final months of 2021 , and has continued in 2022 , with the majority of retailers surveyed in the CCID ’ s quarterly Business Confidence Index indicating they were “ satisfied ” with current business conditions ; The total volume of retail space in the Cape Town CBD at end of 2021 amounted to 271 040 m ². This is a 0.3 % increase in 2020 following the completion of new developments .
The total vacancy rate of retail space in the Cape Town CBD - 26 747 m ² - amounted to 9.9 % of the total retail space available . This is less than the vacancy rate in 2020 , which was 11.5 %.
Value Growth
The most significant indicator of investor confidence in the Cape Town Central City is the sustained growth in the overall official value of all property in the CBD of more than R12.2 billion in 2016 / 17 to R43.8 billion in 2018 / 19 , according to the City of Cape Town ’ s property evaluation .
102 OCT 2022 SA Real Estate Investor Magazine