The next step in the renaissance of central Cape Town is to reclaim the night.
With a residential population expected to triple in the next two years and 37 call centres employing staff around the clock‚ Carola Koblitz of the Central City Improvement District said the “after-hours” economy was set to grow.
Writing in the latest edition of The State of Cape Town Central City Report‚ out on Thursday‚ Kolitz says: “These are all people who could benefit enormously from expanded retail offerings and extended retail opening hours beyond 5pm on a weekday.”
Kolitz‚ editor of the report‚ said this year’s edition included extensive analysis of the city centre’s four distinct nodes‚ in order to outline where new business or development opportunities could lie.
According to the report‚ developments worth R4.32-billion are under construction and projects worth another R7.426-billion are being planned.
Said Rob Kane‚ chairman of the improvement district: “We are quite humbled to see the enormous confidence in the central city.”
Figures from the South African Property Owners’ Association showed a commercial vacancy rate of 9.4%‚ down from 10% a year earlier. The retail occupancy rate was steady at 94%‚ and the average price of a residential unit had increased by 15% year on year to R2.337-million.
Residential rentals averaged R10,608 a month for a studio and R22,290 for a two-bedroom flat.
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