An overview of parking rates for office space in Cape Town

Office space in Cape Town demands some of the highest premiums for parking in South Africa. Our Street Smart Report this month addressed how premium parking fees and congestion is a symptom of the city’s success (download the report by clicking here). In assisting tenants relocating or expanding from other cities such as Johannesburg or Durban, we have compiled a brief overview of what office tenants can expect to pay for parking in Cape Town in 2017/2018. 

 All rates are estimates only, and is based on per reserved dedicated basement parking bay per month.

The V&A Waterfront | R1500 – R1800  

Waterway House in the V&A Waterfront

Waterway House in the V&A Waterfront

 

It comes as no surprise that the V&A Waterfront demands the highest parking rate in the city. This is due to not only the Waterfront’s desirable location and limited availability, but also a reflection of the average office tenant’s needs. With the Waterfront mostly accommodating the likes of professional services and financial firms, all office tenants want to provide their employees with as much parking as possible as part of the employee value proposition.  

 

The CBD and Foreshore | R1200 – R1500 

The Towers Cape Town Foreshore

The Towers in The Foreshore, CBD

 

The Cape Town city centre and Foreshore has seen the rejuvenation of various buildings over the past few years, with developers often focusing on accommodating more tenants with parking requirements. A prime example is the R500 million refurbishment of The Towers, where the redeveloped property received a special ‘link building’ to accommodate anticipated demand for parking. Overall, most quality properties in the CBD accommodate tenants with a parking ratio of between 2 – 3 bays per 100 square metres leased, which is proving sufficient in most cases.  

 

Woodstock and Century City | R1000 – R1400 

Sable Park Bridgeways Precinct Century City Cape Town

Sable Park, a brand new development in the Bridgeways Precinct of Century City.

 

Premium, gated office park developments such as The Boulevard Office Park in Woodstock offers some of the highest parking ratios in Cape Town providing up to 4 bays per 100 square metres. Century City, being its own secure gated community of residential, offices and retail property also offers premium office space with good ratios. Companies who work around the clock or have 24-hour operations often value the security associated with these gated offerings, which adds value to the employee value proposition. Staff are therefore offered peace of mind to leave late at night or arrive early morning with a secured, reserved parking bay.   

 

Claremont and Tygervalley | R900 – R1300 

Citadel Place Claremont Southern Suburbs Cape Town

Citadel Place in Claremont

 

These two nodes in the South and the North show similar parking requirements for premier-grade freestanding properties. Claremont in the Southern Suburbs is currently seeing the development of 6 new buildings, offering highly competitive parking ratios given the high demand. A prime example is that of Citadel Place, which offers 4 bays per 100 square meters leased. Similarly, The Edge in the Tygerwaterfront in the Northern Suburbs is offering 3-4 bays per 100 square meters leased in an attempt to attract and retain premium tenants.

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