Latest Cape Town Office Market Report shows improved investor confidence

To download the full report, click here

Bridge Park building in Century City

Recent deals include ABSA Barclays having taken 14,000m² in Bridgepark, Century City – which outperformed all other nodes

Highlights from this report:

  • Investor confidence showed improvement in Q3 2015 from the first half of the year with the majority of new developments being speculative in nature.
  • The overall vacancy rate increased slightly to 9.0% in Q3 2015.  However, recent activity will see a reduction in the next quarter’s vacancy figures once tenants, who have just finalised leases, have physically moved.
  • Grade A accommodation  recorded an average 6.4% y/y increase in gross rental rates, with Century City outperforming other nodes. The growing interest of corporates may see a continuation of increasing rental rates in the coming year.

Authors:

  • Dave Russell – Director (leasing), Baker Street Properties, Cape Town
  • Zandile Makhoba, Head: Research, JLL South Africa

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