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PROPERTY: Static Cape Town Office Vacancies

 



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The second SAPOA Office Vacancy Survey of 2011 confirms very little movement in the Cape Town office market with most of the vacancy figures remaining relatively static, says Dave Russell, a director of Baker Street Properties.

Russell says,”Slight increases in vacancies were recorded in Bellville where overall vacancies have moved from 6,2% last quarter to 6,8% today. Also in the Cape Town CBD vacancies have crept up to 10,4% from 9,9% in the previous quarter, however, a noticeable change in the CBD figures has been seen in the ‘A’ grade sector, where vacancies have increased to 11,6% from 10,8% in the previous quarter. This level of ‘A’ grade vacancy was last seen in 2003 when they reached 12%.

In the other five nodes surveyed there was very little movement with overall vacancies in Rondebosch/Newlands, Century City, Claremont and the V&A Waterfront relatively unchanged, with a slight reduction from 4,8% to 4,3% in Pinelands.”

Russell adds, “One of the leasing opportunities to arise in this market is in the Nedbank/BOE Building located in the Clocktower Precinct of the V&A Waterfront, where a floor of 1,580m² is available in the premises leased by Safmarine.


 
 
 
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