Cape Town Office Vacancies
Category Commercial news
Vacancies The SAPOA Office Vacancy Survey Q2 results show the vacancy rate of offices in the inner city of Cape Town stands at 13.9%, representing a sharp increase in vacancies in the CBD over the past two years. Concerns exist that should the weakened climate drag on, there will be a further uptick in vacancy levels, especially among the more dated stock, once current developments are completed and added to the office supply. There is an expectation the new space will increase competition between landlords: the currently tough letting environment focused on tenant retention has meant a downturn in average office rental prices. Compared to the CBD, areas with relatively low vacancies include the V&A Waterfront, Century City, Claremont and Pinelands with V&A Waterfront in particular being very low.
Author: SAPOA
