Search:  
Western Cape Business News
755
VIEWS

Send  Share  RSS  Twitter  13 Sep 2010

PROPERTY: Office Vacancies Levelling Off

 



Recent Western Cape Business News

After showing the strains of weak economic activity for a number of quarters, office vacancies in both the decentralized and CBD markets are seemingly levelling off, according to Bellville-based Rode & Ass.

In the second quarter of 2010, vacancies were, on a national basis, roughly at the same level as the previous quarter. This came on the back of an improvement over the same period in employment in finance, insurance, real estate and business services, as reported by Statistics SA. CBD vacancies have performed ― relative to decentralized offices ― amazingly well since 2009. However, it should be pointed out that this improvement might be illusionary because so many office buildings in the CBDs have been boarded up (i.e. taken out of the ‘space available for letting’ category), or have slipped from grade B into grade C (the latter category is not tracked by Sapoa). These comments do not apply to the Cape Town CBD, of course, Rode says.

The party pooper during the period under review was the moderation in real gross domestic product (GDP) growth. This came as no surprise, since a number of leading indicators of economic activity ― barring new vehicle sales, which are booming ― have been forewarning us of a cooling in GDP growth.

In sum, the latest GDP figures have exposed the shaky and uncertain nature of the economic recovery. Naturally, this might cause companies in the financial-services sector to remain cautious about hiring more employees, which could lead to slower mopping up of vacant office space than would otherwise have been the case. "We see this phenomenon in the general economy at work, with relatively strong economic growth but employment that is still contracting," Rode says.


 
 
 
office-solutions-cape-townBusiness ProfilesTool Suppliers Cape Townabsolute-weddings-and-eventsinsurance-western-cape
 
   
 
 
 
  Accomodation
Accommodation


Online Foreign Exchange
Foreign Exchange


Directory
Directory


Fax
Fax 2 Email


Finance
Finance


Furniture
Furniture


Casino
Online Casino


Restaurant
Restaurant


Auctions
Shop Online


Study IT
Study IT Online


Web design
Web Design


Weddings
Weddings


Work
Work from Home
 
 
 
 
 
Company News
 
 

 

© 2018 www.wcbn.co.za. All rights reserved.

Daily Newsletter Subscription

 

Subscribe to the Western Cape Business News Daily News and information email (it's free).

Thank You
Your email address has been added.

Name:
Email Address: