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Cape Town’s Best Commercial Property Spots Revealed

Cape Town’s Best Commercial Property Spots Revealed

As any property investor knows, there isn’t any such thing as an inexpensive investment mistake. It’s because of this that you need to be entirely sure of which property, and which area to invest in. This according to Lance Chalwin-Milton, joint managing director of specialist property auction house The High Street Auction Co, who spent years in the commercial property development sector before moving into specialist property sales.

Cape Town is experiencing a serge in “semigrants” who are looking to launch or transplant their businesses in a commercial real estate market that’s both substantially more expensive and unfamiliar than other property markets in South Africa. “Despite a depressed national economy, semigration to Cape Town continues, albeit at a slightly slower rate than in 2015/16. The strong net inflow trend has in recent years driven Cape Town’s annual house price inflation to nearly double the national average,” says Chalwin-Milton.

This influx of wealth has also ignited the regional economy, which further spurs on commercial development and urban regeneration in many of the city’s areas. Sections of the city has seen considerable and oftentimes simultaneous commercial sale and retail property price increases.

The Cape Town CBD Remains The Centre Of Power

The CBS remains the hub of corporate activity in Cape Town, and is also the city’s core of legal professionals and financial services sector, communications companies and call centres, as well as advertising agencies and publishers. It is also a rapidly expanding specialist medical services precinct, evolving in recent years into the city’s premier gourmet destination.

According to a Jones Lang LaSalle (JLL) South Africa research document on the Cape Town office market in Q1 of 2017, the average rental price of P-Grade office space in the CBD was R185 per square metre and R235 per square metre in the Waterfront.

Rates in this bracket are extremely attractive value propositions for investors, if a relocating company has the chance to buy instead of lease in these locations. Other popular areas in the city for businesses to set up shop include Century City, Claremont and Bellville, among others.

Image courtesy of : High Street Auctions

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