Is Claremont becoming Cape Town's new financial hub ?
Category Commerical Property News
There is a growing trend towards decentralised business nodes in South Africa, especially in Cape Town, where we’re seeing popular commercial nodes like the CBD fetching increasingly high rental prices. This trend has seen many financial institutions and big businesses opt to relocate their offices slightly further afield, to the leafy and well-situated area of Claremont.
Located just 10 kilometres south of the Cape Town CBD, Claremont is a centrally located residential and commercial node surrounded by the affluent suburbs of Rondebosch, Newlands, Bishopscourt, Constantia, Kenilworth, Wynberg and Bergvliet. The Southern Suburbs is known for landmarks like the Kirstenboch Botanical Gardens, Newlands Rugby and Cricket Stadiums, many of the country’s best schools and its close proximity to the University of Cape Town (UCT). Claremont is also well-connected to surrounding areas by three major arterials: the M3 freeway, connecting it to Muizenberg; the M5 freeway leading to Milnerton and the suburbs to the north; and Main Road which links to its northern and southern suburbs.
Today, the Claremont CBD is one of Cape Town’s most popular commercial, retail, entertainment, and leisure precincts, with Cavendish Square Shopping Centre at its heart and hundreds more retail outlets operating in the surrounding area. It’s abuzz with economic activity during the day, and at night it comes alive with bars, restaurants and night-clubs.
According to The State of Claremont Report 2016, a comprehensive study of the area created by the Claremont Improvement District Company (CIDC), the Claremont CBD features 118 901 square metres of commercial space which, when combined with residential units in the area equates to R7.1 billion in value, and over 430 retail outlets.
Interestingly, some of the country’s biggest financial and private equity companies have relocated to the Claremont CBD, giving the area a reputation for being Cape Town’s up-and-coming financial hub. Some of these financial institutions include Brait, Peregrine, Coronation, FutureGrowth, Citadel, RECM and the Institute of Bankers of South Africa. Businesses like these are taking advantage of lower office rental costs and greater variety in accommodation options. Other benefits of relocating to the Claremont CBD include an affluent address, close proximity to the Cape Town International Airport (a mere 20-minute drive), and avoiding the congestion and high rentals of the Cape Town CBD.
In recent years, Claremont has seen an impressive property surge – new commercial and residential buildings have been built, and existing buildings have been refurbished. One such commercial development is Draper On Main, a Green Star rated building by Growthpoint. Developments like these are a good reflexion on the Claremont CBD’s renewed status as an attractive area for both commercial and residential investors. In addition to these exciting new commercial developments and the “arrival” of so many leading financial institutions, the public transport interchange has been built, the Claremont Boulevard has been constructed and MyCiTi Bus routes have been approved for the area. These factors have all created a positive momentum for the growth and development of the Claremont central business district (CBD), creating a vibrant environment in which to work, live and play.
The central location, convenient lifestyle offerings, easy access to prominent schools, public transport and AAA-Grade office blocks ensure that office space in the Claremont CBD is in constant demand. If you are considering relocating your business to the Claremont CBD, you can rest assured that it will be an excellent investment. OfficePlace has an extensive list of commercial units available to suit your needs – all you need to do is pick up the phone and get in touch with one of our specialist brokers today who will be able to assist you in learning more about this popular commercial hub and promising financial district.
Author: Officeplace Commercial Property Specialists