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CT Office Vacancies Rising
| News by Staff ReporterAccording to the latest SAPOA Office Vacancy Survey
Office vacancies in Cape Town have increased from the previous quarter’s figures, according to the latest SAPOA (SA Property Owners Association) Office Vacancy Survey 2011.This is according to Cape Business News, who said the survey shows office vacancies in Cape Town are on the rise with six of the seven nodes indicating an increase from the previous quarter.
“While most of the increases are marginal, they are none-the-less a confirmation of a continuing trend that should be of concern to landlords,” said Dave Russel of Baker Street Properties.
“In the Cape Town CBD the combined vacancy of Premier, ‘A’ and ‘B’ grade offices is now at 10.5%,” he said.
“At the same time a year ago the vacancy was 9.7%. In the Southern Suburbs we now have a combined vacancy of 13.7% in Claremont and 7.3% in the Rondebosch/Newlands node.
“In the Northern Suburbs the Bellville vacancy average is now 9.4% while a year ago it was around 6%. It is encouraging to note that Century City vacancies have reduced over the past year from 10.5% to 8.8% this quarter,” Russel added.
“Pinelands also seems to be bucking the trend and presently has a vacancy of 3.4%, although this is one of the smaller office nodes. While for the popular V & A Waterfront the figure is 6.9%, with the new Allan Gray office complex now under construction in the Clock Tower Precinct.”
To read the full article on Cape Business News click here
Source: www.bizpremises.co.za
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