By Bianca Capazorio

Continued high demand for office space in Port Elizabeth has been the driving force behind a new office development in Newton Park.

The R40-million Pickering Square development by Cape Town group Eastwood Trading will consist of 26 “A Grade” office suites for sale or to let, with under-cover parking.

The 2 800m² development, which is situated close to many of the city‘s business hubs, including the William Moffett Expressway, Disa Road and the N2, is due to start construction in January with commissioning in late 2008.

Majola and Boyd Limited property consultant Kevin Slattery said the development was a positive step for Port Elizabeth as it showed that developers from the big centres like Johannesburg and Cape Town were willing to invest in the city.

He added that while interest rates had risen considerably in recent months, this had not affected the commercial and industrial property market, and major investment was still being made in these areas.

“There is no slow-down on demand for A Grade office space and a good sign in Port Elizabeth is that our rentals are almost in line with market rentals in Johannesburg at around R65m², often more.”   

Business Day