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The Cape Town office market showed improvement in Q2 2015, partly driven by the conversion of Triangle House, in the CBD, to residential and hotel accommodation. The vacancy rate reduced to 8.1% in Q2 2015 from 9.2% in Q1 2015. This is the lowest vacancy rate in the various South African metros surveyed by SAPOA. Rental rates improved by an overall average of 5.7% y/y with Grade A buildings driving much of the growth.
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11 August 2015