The first quarter of 2012 has seen a continuation of flat market conditions in Cape Town for the office sector with vacancies in certain nodes showing increases on the previous quarter’s figures.
Dave Russell, a director of Baker Street Properties, says,” We have seen a steady increase in office vacancies since 2009 as confirmed in the quarterly SAPOA Office Vacancy Survey, however, with few new buildings coming on stream in the short term there is every possibility that vacancies may be reaching their peak.”
Russell adds that significant change has been recorded in the CBD, where combined vacancies are now reaching 12% and are at levels last seen in 2003. Of greater concern is that in Claremont combined vacancies are heading towards 20%. This is up from 13.7% in the previous quarter.