According to Lloyd Nussey, Director of Baker Street Properties there are signs, based on some nodes in the Greater Cape Town area, that show the industrial property market is looking more positive in 2014.
Nussey explains, "At Baker Street Properties we use our extensive database to track the industrial property vacancies across the greater Cape Town areas, including buildings which will become vacant within the next 6 months.
Based on this data, we have seen a decrease in the vacancies in the greater Cape Town area up to the third quarter of last year. This is a decrease of more than 7%, which is encouraging and is the driver starting to nudge average gross rentals upwards.
We therefore believe that the overall outlook for the industrial property market this year is encouraging, with signs of growth, albeit by a small percentage."
As an example, Dylan Pelton of Baker Street Properties recently concluded a lease agreement with the Radiant Lighting Group in Montague Park in Montague Gardens, for premises that consist of 2,190 m2 of light Industrial space.
The exclusive Montague Park development is a total of 50,25 Ha (502 549 m²) of prime property in Milnerton. This mixed-use Park comprises commercial, retail and industrial facilities within an upmarket and spacious environment.
