Cape Town City Report - December 2018

The Cape Town office vacancy rate increased slightly in Q3 2018, to 7.3% from 7.0% in Q2 2018. However, closer inspection of the figures shows that the increase was largely driven by a rise in supply rather than a decline in demand. Building completions included The Halyard, which added 16,000m² of office accommodation, at a time when demand is not showing much growth. With 2019 being an election year, activity is likely to slow in the country’s office market, as occupiers adopt a wait-and-see attitude to the political situation.

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