Baker Street Properties office division have recently concluded twenty one office deals with a lease value in excess of R69 million so far this year. It is interesting to note that more than 50% of the deals were concluded in the Central Business District. While a number of the CBD leases were for existing CBD tenants, approximately 30% of the activity was with tenants moving to the CBD, thereby helping to reduce the CBD vacancies.
John McMahon, a director of Baker Street Properties says," These figures confirm the increased acceptance of the CBD as an office node and a change in the decentralisation trend seen in previous years. Recently publicised local and international property investments in the CBD will have a further positive effect on the market and assist in realising the potential of the inner city.
"The high activity levels and success of Baker Street should not be seen as a general trend as the office leasing sector is still weak with landlord’s having to offer attractive terms to secure tenants. "
Publisher: Cape Business News
Source: Cape Business News
