The Cape Town CBD has seen unprecedented development over the past 15 years, with billions of Rand worth of commercial property investment and a totally rejuvenated CBD.
As thousands of people descend on the city centre every work day, Cape Town has joined urban centres around the world in having a shortage of parking. For daily and monthly parkers in the city’s sought-after areas, this has resulted in significant monthly costs.
The V&A, Foreshore and the CBD – Topping the list
With Cape Town’s premier commercial real estate centred around the Waterfront-Foreshore-CBD area, parking fees in the city centre are the highest of all areas.
Monthly parking fees at the V&A are approaching the R2 000 mark, while Foreshore and the CBD range between R1 000 and R1 500 on average. Areas further from the CBD, including Woodstock, Mowbray, Claremont and Century City, tend to hover around the R1 000 mark, with some monthly parkers spending R800 or less.
As parkers feel the pinch, parking in Cape Town becomes prime real estate
For thousands of working Capetonians, paying for monthly parking is a part of life that simply can’t be avoided – and sometimes can’t easily be afforded. As the City of Cape Town weighs the alternatives to alleviate traffic congestion, cheaper public parking isn’t likely to be an option – and this presents an opportunity to commercial property owners and developers.
Most commercial buildings are designed to have sufficient parking for the needs of their tenants and visitors – but the current parking shortage has made basement space a hot commodity in the CBD.
Could commercial property owners help solve the Cape Town parking shortage?
Buildings with ample parking space are leasing one or two of their basement floors to Cape Town parking companies as a lucrative revenue stream, and newly built or renovated buildings could start to include extra parking space as a design feature. This would boost revenues for building owners while contributing to a parking solution for the CBD.
If you’re looking for a Cape Town commercial property rental with dedicated monthly parking bays, contact us today. Our team of professional agents are on hand to guide you through our portfolio of commercial buildings in Cape Town.
