Jonathan Klimek of JHI says this property in Diesel Estate at 45 Diesel Road, near OR Tambo International Airport, is ideal for a big user requiring a good power supply.
Manufacturers are once more starting to produce goods, which is good news for the industrial property market.
Andy Beddow, a director of Baker Street Properties, says positive economic data that was released recently by Kagiso Purchasing Manufacturers Index (PMI) in August, showed the index of 50.3 rising above the critical mark of 50.
This indicates that the manufacturing sector is expanding again, even if ever so slightly. Also the RMB/BER Business Confidence Index (BCI) rebounded to 47 in the third quarter rising to its highest level in 30 months.
“In addition the repo rate was reduced to 6.0% thereby reducing prime to 9,5%, and this is the first time interest rates have been this low (and stable) in over 30 years. It is hard to believe that in August 1998 the prime interest rate peaked at 25,5%.
“It is early days but we are starting to see more activity in the Cape Town Industrial Property market with many more enquiries. However there is a large vacancy level to erode. Our latest figures reflect an overall vacancy of 526 000 m² in the greater Cape Town area, with increased vacancies in almost all locations.”
Beddow says that half of these are in the older industrial areas including Epping, Parow, Maitland and Bellville. There are some anomalies such as an unusually high 30 000 m² available space in Paarden Eiland, which traditionally is tightly held.
The figures show that 66% of vacancies across the board are in properties larger than 1 000 m², and mini-units of 500 m² or less represent 19% of the vacancies.
He says it continues to be a tenant’s market and now is a good time to structure long term leases. Rentals are flat (gross rentals average around R28/m² to R30/m²), and escalations have moved from the traditional 10% a year to 9% and even 8%.
”On average vacant land remains at about R1 000/m², although we have brokered deals recently at R1 250/m². These land sales are few and far between with a limited number of “greenfields” developments following. However, users who develop now would enjoy very competitive construction costs as contractors are hungry for work.
“Although the last quarter of 2010 is expected to show some confidence in the industrial market with moderate take-up of vacancies, property rentals are not expected to start increasing until well into the first half of 2011.”
Call 021 461 1660 or visit www.baker-street.co.za.
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Contact me on 082 300 4776 or e-mail: jonathan.klimek@jhi.co.za