Pretoria CBD weathering the change

Posted On Wednesday, 23 May 2001 03:01 Published by eProp Commercial Property News
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Property in the Pretoria city centre is managing to hold its own in a tough market, says Jeffrey Wapnick, of City Property Administration.h market, says Jeffrey Wapnick, of City Property Administration.

Jeffrey WapnickPretoria CBD has not experienced many of the problems that the Johannesburg city centre faced, and those problems that are similar have affected Pretoria to a lesser extent.

'Retail property in the Pretoria CBD has weathered change well and there are areas in the core that have not lessened at all, despite a general weakening of trade in the CBD, and in certain cases have even experienced growth,' says Wapnick.

The reason for this upswing is new retailers entering the area, catering to black spending power.

The same situation exists in commercial property, where the nature of tenants has changed.

'The typical tenant that previously occupied large A and B- grade buildings in the Pretoria CBD has left for the eastern suburbs of Pretoria, where rentals vary from R40m² to R80m² and higher,' says Wapnick.

There is an emergence of black professionals requiring start-up accommodation. They are no longer satisfied with occupation available in townships and are seeking quality office accommodation, he says.

Wapnick says the key to the continued growth of property in the Pretoria CBD lies in successful management.



Last modified on Thursday, 15 May 2014 16:15

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