Rabie group to develop Century City office park

Posted On Friday, 20 October 2006 02:00 Published by Commercial Property News
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The Rabie Property Group is to develop a R150m sectional title office development in Cape Town's mixed-use precinct Century City in response to strong demand for office space

The Forum Offices Century CityThe Rabie Property Group is to develop a R150m sectional title office development in Cape Town's mixed-use precinct Century City in response to strong demand for office space.

The new development, called The Forum, is 10,400sqm and will be built in the south-western quadrant of the 250ha Century City site.

It follows the rapid sell-out of the Colosseum mixed-use development, also by Rabie, which is adjacent to The Forum.

Century City's office space as a whole is set to double in size to more than 175,000m? by the end of next year.

Century City Property Developments - in which Rabie is the major shareholder and which is charged with rolling out all the developable land in the precinct - has reported a sharp reduction in office vacancy levels in the precinct over the past few years.

Greg Deans, MD of Century City Property Developments, said that about four years ago the then 80,000m? of existing office space at Century City had a large vacancy level of just under 15%, in line with other office nodes in Cape Town.

Vacancy levels were now at a historic low of 1,4%, said Deans.

About three years ago, residential property development was the dominant activity at Century City. However, in the past year there has been a major shift to office development, following growing demand for office space in Western Cape and the country as a whole.

Deans said that the southwestern quadrant of Century City was now being positioned as a "major new business centre".

The Rabie Property Group said the Forum would cater for small, medium and large space users, with units ranging from 89m? to the largest standalone building of 2,800m?.

Units are priced at about R11,000/m? .

Last modified on Monday, 17 June 2013 20:14

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