The Bridgeways precinct where two new developments are planned – a 9 000 m2 office for an international company and 4 000m2 office block for a national tenant.
The latest SAPOA office vacancy survey shows that although vacancies rose in six out of the seven Cape Town offices nodes in the fourth quarter of 2011, Century City bucked the trend with vacancy levels falling to 8.5 percent from a high of 12.9 percent in August 2009.
The Cape Town office vacancy factor overall rose to 10.5 percent in the same time.
Giles Balmer of Rabie Property Group, developer of Century City, says this is even more spectacular given the fact that the size of the Century City office market has ballooned to 243 488 m2 of office space against a mere 83 003 m2 when Rabie acquired the undeveloped land and associated rights in June 2004.
“Currently only 20 889 m2 of offices remain to be let in the precinct, so the total take-up since June 2004 amounts to around 150 000 m2, giving an average annual take up of 20 000 m2 a year over the past seven and a half years.”
Balmer says he knows of no other office node in the country to experience this level of growth over this period.
He says the bulk of new space at Century City came on stream between June 2006 and September 2008 – a period when the node grew from 96 978 m2 to more than 206 000 m2.
Factors contributing to Century City’s growing popularity as an office destination is its central location, its integrated new urban lifestyle, its high level of infrastructure, security and services; its extensive public transport offer and the wide range of leisure, sports and retail amenities, including Canal Walk shopping centre, all within easy walking distance.
“The launch of Century City Connect, the first open access fibre optic network of its kind in South Africa, is certain to add to its appeal, particularly among companies with large broadband requirements.
“Century City Connect is providing the country’s fastest, carrier neutral “last mile” open access network over which a select number of internet service providers are offering people living and working in the 250ha precinct the fastest voice, broadband and multi-media services. Because Century City’s fibre optic backbone is carrier neutral, clients can choose which of the accredited ISP’s packages best suit them when it comes to voice, broadband and multi-media services as well as cost,” he says
“Although the precinct has mushroomed in recent years, there is still a long way to go. Century City has total development rights of around 1.3 million square metres of bulk including a total of 591 180 m2 of office space, so what is here now is less than half of what there will be when it is fully developed, “says Balmer.
He says that with its basket of rights, Century City is in the enviable position of being able to respond to cycles in the different property sectors, which tend to follow each other rather than overlap.
“Continued demand for office space in the precinct has prompted significant new development, and 14 years after it was launched, the Century City development has matured significantly with a multi tier office market having emerged giving buyers and tenants a much broader choice of product.”
Balmer says previously all the available offices were similar in quality and most were occupied by the owners.
“The precinct wasn’t perceived to be a rental node. However, development in recent years has changed that and created a sustainable rental market with a diversity of product and rentals.”
New office developments underway at Century City include The Courtyard, which has been designed to satisfy pent-up demand for small to medium size offices in the precinct.
The 2 200 m2 building, being built at a cost of R37million, will consist of 18 units ranging in size from 63 m2 to 222 m2 which can be combined up to a size of 600 m2 if required.
Prices excluding VAT but including parking and installation allowances, average around R16 750/m2.
Call Giles Balmer or Sedica Knight on 021 550 7000.
