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Businesses have jumped on the semigration trend in South Africa and are increasingly making their way down to the Cape, says Brent Townes, the COO for Lew Geffen Sotheby’s International Realty.
Townes said that the group’s latest data shows that demand for office spaces in the Western Cape is reaching pre-pandemic levels, following a trend of ongoing decentralisation by businesses in the country.
According to Townes, freehold commercial office space has been the top seller in four of the group’s freehold sales areas: Bellville, the CBD, Goodwood and Parow.
The fifth most popular area, Airport Industria, is largely populated by industrial space.
Townes said that the value of commercial, industrial and retail freehold properties has increased by 10% over the last 12 months.
Data from Lew Geffen Sotheby’s also showed that 58% of all commercial properties sold across the 54 suburbs it services in the Western Cape were office space, followed by industrial (12%), shops at 11% and warehouses (8%).
When considering the fact that office, industrial and retail space are top-sellers – it is clear that there is an ongoing decentralisation towards the north and western seaboard, he said. Other companies, meanwhile, are inching further into areas such as Stellenbosch.
Townes said the commercial market in Cape Town is not expected to slow down any time soon.
Stand-outs
Cape Town has been on a drive to become the best place to do business in the country, and plans have been put in place to make it an optimal destination for companies looking to set up shop.
Townes said that the city offers a high service delivery rating and experiences less load shedding thanks to the Steenbras hydroplant and efforts by the local government to become energy independent.
When comparing the audits of all the municipalities in the country, 22 of the 41 municipalities with clean audits are in the Western Cape, he added.
On 10 May, the City of Cape Town published its Ease of Business Index with the aim of tracking its performance in terms of reducing red tape and allowing businesses to thrive.
Geordin Hill-Lewis, the mayor of the Mother City, said that the index aims to hold the region and local government accountable and make Cape Town the easiest place to do business.
The index contains ten key indicators that would continue to ease of business, including a focus on fast-tracking procedural permits and licencing process, as well as adjusting the fees for applications relevant to business practices in the region.
Jacque Moolman, the president of the Cape Chamber of Commerce, has, however, criticised the index for not measuring many of the most critical factors of a business environment, including passenger mobility, crime and freight transport efficiency.
SOURCE:Businesses are also semigrating to Cape Town (businesstech.co.za)
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