Of South Africa’s largest five metro regions, City of Cape Town still has the lowest office vacancy rate at 7.7%, Sapoa’s latest Office Vacancy Report shows.
The eThekwini Municipality has the highest, with the vacancy rate at 13.6%.
“The (eThekwini) region’s overall office vacancy rate has been trending up since 2015 after an encouraging improvement through 2014. Within the region, the vacancy rate of the Durban CBD remains highest at 20%.”
Ballito was the most improved during Q3 2019 with an improvement of 2.9%, the report says.
eThekwini is followed by the City of Joburg at 12.2%, down 0.7% from the previous quarter.
“The vacancy rates in nodes like Sandton, Sunninghill, Illovo, and Midrand are still hovering close to multi-year highs despite intermittent improvements along the way,” it says.
The City of Tshwane recorded an aggregate office vacancy rate of 8.8%, down 0.2% from Q2.
“The city’s inner-city and adjacent nodes recorded the lowest level of office vacancies in Q3 2019. Hatfield-Hillcrest recorded the highest vacancy rate at 17.6% – up from 9.1% two years ago.”
Nelson Mandela Bay has a 9.4% office vacancy rate.
In Cape Town, Sapoa’s office vacancy rates per node are:
* CBD: 10.8%.
* Century City: 9.7%.
* Claremont: 9.5%.
* Bellville: 4.9%.
* Waterfront: 4.5%.
* Central: 2.5%.
* Rondebosch and Newlands:1.8%.