Office Space Cape Town
Tenants can expect better deals in terms of rental, rent free time and tenant installation allowances. Parking bays are once again scarce in the CBD so are becoming expensive and many office users are commuting by train or bus, making office buildings close to the station in the CBD attractive once again. Huge developments are planned for this area next year which will be very exciting for Cape Town’s CBD.
We have noticed a trend towards hotels looking to position themselves in the CBD again which will take up some of the B Grade office vacancies and give certain areas in the CBD a lift.
Inner City living looks to be on the increase over the next 2 years with mixed use developments taking shape and many more people looking to live and work in the CBD.
Even though the rental market has been fairly slow, commercial properties hold their value and sale prices have increased noticeably this year. There are very few commercial properties available for sale and sellers are still in a strong position to negotiate high prices. Cape Town remains extremely sought after and investors are always looking for new development options.