Q2 2022 Cape Town Real Estate Overview
Cape Town's local purchasing power is ticking upward and aiding recovery in the office, retail, and industrial sectors, although the lack of international tourism remains acute.
- Mieke Purnell
The influx of affluent and skilled migrants to Cape Town has bolstered economic recovery for the city. Still, it lacks the stimulus provided by the tourism sector that is yet to recover. Prime quality offices are performing better in terms of occupancy and rental growth, as has the sub-sector suited to BPOs.
Cape Town's experiential retail facilities have recorded positive performance in the first half of 2022, boosted by domestic tourism, the city's growing economic base, and the elimination of lockdown restrictions.
Increased semigration has also benefitted the industrial market, with rising demand for premises in industrial parks. Flagship developments on the city's outskirts are also growing Cape Town's logistics appeal and capabilities.
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