Prime located commercial property in Cape Town’s vibrant Green Point and De Waterkant areas in the Western Cape are seeing increased demand with retailers and office users wanting a piece of its upmarket, trendy and ‘lifestyle’-type destination to work in, according to Selwyn Sharon, leasing, sales and investment broker for JHI Properties.
Rental rates range from around R110 to R180 a square metre with 15 coffee shops right on its doorstep, including vibey venues such as Origin Coffee Roasting and Truth Coffee Shop, as well as the Cape Quarter lifestyle shopping centre.
Says Selwyn Sharon: “Looking back over the past two decades, it’s evident that requirements for office accommodation have changed considerably. Businesses want to be located in a pleasing environment with secure parking for their staff and clients. Features they look for include, for example, ‘green’ areas included in the workplace and generally maximum natural light – particularly for creative spaces, a spacious kitchen or recreational area where staff can relax and ‘recharge’, and perhaps even a gym for exercise.
“Having the workplace located in appealing surrounds enables staff to enjoy the convenience of safely walking to coffee shops, retail outlets and the like. An advantage of new office buildings is that they can easily incorporate ‘green’, energy saving features, which further add to the appeal,” he says. “Considering that these days, many people spend a great deal of time at work, often outside what were previously considered conventional working hours, these added comforts become even more important in retaining quality staff,” he adds.
Commenting on the market in general, Sharon says it’s positive to see that the demand for P Grade offices has been recognised by developers, who are moving forward with projects such as Portside, 22 Bree Street and the Media Quarter – the latter which is almost complete. “There has been a pent-up demand for prime office space, particularly when one considers the fact that other than a few buildings such as The Hudson and the Cape Quarter, very few new buildings have been completed in recent years. Now we are seeing major tenants taking up space – FNB has taken half the office space at Portside – which is to become Cape Town’s tallest building (on the corner of Buitengracht Street and Hans Strijdom), a large firm of attorneys is to occupy 22 Bree Street, while there is the new Allan Gray building taking shape in the V&A Waterfront. In addition to this The Atlantic building is being redeveloped in the Foreshore area. Importantly, these new developments or redevelopments further enhance the aesthetic appeal of Cape Town’s central area,” he says.
At The Foundry in Prestwich Street, another trendy office and retail development in Green Point, where Beluga restaurant is situated, two well-positioned 111 and 143 square metre spaces in the courtyard have become available to rent. Sharon reports these are attracting huge interest from potential tenants and an offer on the larger unit is currently being considered by the landlord.
For further information on commercial property to lease or acquire in Cape Town contact Selwyn Sharon on 082 825 3231 or firstname.lastname@example.org.