IF THE South African economy continues to grow at projected levels, the office component of Century City could increase to about 600000m² by 2012, making it the second-largest office node in Western Cape.

Century City, the 250ha mixed-use site in Cape Town, is already rapidly expanding on the residential and office property fronts on the back of strong demand for space.

Century City’s office space as a whole is set to double in size to more than 175000m² by the end of next year.

As far as residential property is concerned, about 2000 residential units will have been brought to Century City by the end of this year.

Expansion plans for the precinct will see it become the third-largest office node in Western Cape by the end of 2008, when it is expected to have about 350000m², behind the city’s central business district and Bellville.

Century City Property Developments — in which Rabie Property Group is the major shareholder and which is charged with rolling out all the developable land in the precinct — says demand for office space has slashed vacancies to lows of 1,4%.

Greg Deans, MD of Century City Property Developments, says that about four years ago there was 80000m² of office space and it had a vacancy level of just under 15%, in line with other office nodes in Cape Town, but there has been a turnaround in the office market across the country as vacancy levels plunge and new developments become viable.

The number of people living and working in Century City is also expected to double by 2011. At the moment about 25000 people live and work in the precinct.

This figure is expected to swell to about 50000 by 2011.

Last week, the Rabie Property Group announced it was going to develop a R150m sectional title office development in Century City called The Forum.

The 10400m² development will be built in the southwestern quadrant of Century City and follows the sell-out of the Colosseum mixed-use development, which is adjacent to The Forum.

Rabie also plans soon to bring another 20000m² of office space to the precinct.

The two further office developments totalling 20000m² are in an advanced planning stage.

Deans said the lack of new development in recent years had created pent-up demand in the office market with market commentators predicting that this was putting upward pressure on rentals, which were expected to have increased 30% to 40% between June last year and June next year.

Meanwhile, a state-of-the-art security and traffic surveillance system has been installed at Century City to meet the growing needs of the new urban environment.

Chris Blackshaw, CEO of the Century City Property Owners Association, a section 21 company representing all stakeholders at Century City and responsible for the management of all common areas within its boundaries, says the precinct had “literally outgrown its previous security system”.

He says the introduction of a new multimillion-rand system is critical to maintain the association’s “zero tolerance to crime” philosophy.

Blackshaw says the new urban electronic surveillance system, which went live at the beginning of the month, includes a state-of-the-art control centre and a communications network consisting of a “wireless backbone”.

“The new system also has a network of new CCTV cameras, highly advanced digital video recorders and an intercom system,” says Blackshaw.

He said wireless technology was chosen due to the particular nature of Century City, with its system of canals and the fact that the system could easily be expanded to meet the needs of the growing urban environment.