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Q2 2016 appears to have marked a turning point in developer confidence. The current development pipeline has decreased to 26,500m2 from 64,700m2 in Q1 2016 due to developments reaching completion during the quarter. The level of new developments entering the market, particularly speculative developments, is beginning to decrease.
Treading cautiously to avoid oversupply, Cape Town maintains a good vacancy trend. According to SAPOA, Cape Town recorded a 7.8% vacancy rate in Q2 2016, having the lowest recorded vacancies among Johannesburg and KwaZulu-Natal, and a significantly lower vacancy rate compared to the national office vacancy rate of 10.5%.
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10 August 2016