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Great news, positive growth and pre-Covid rebound figures were shared at the Annual General Meeting of the Claremont Improvement District Company (CIDC) on Thursday 26 October in during this year’s and third ever State of Claremont Report.
A lot was said by the panel of speakers about the “vibrant Claremont Central Business District (CBD)”.
Among others, speakers said the area has proven resilient as a thriving mixed-use node that represents the economic heartbeat of the city’s sought-after Southern Suburbs.
Claremont CBD has not only rebounded from the impact of Covid-19, but is continuing to attract new businesses, increased investment and growth, said Abdul Kerbelker, the executive manager of CIDC.
The report evidently highlighted that the CIDC has played a major role in the sustainability, growth and development of this node, in close cooperation with its partners in law enforcement and Claremont police, property and business owners, and the local community.
Kerbelker continued: “Positively, business activity is back to pre-pandemic levels, with a recovery in demand for both office and retail space, and with a desire for maximum flexibility reinforcing the trend towards eco-living and co-working spaces.
The demand for office space has been primarily driven by business process outsourcing and e-commerce companies, including call centres, while the node remains the preferred hub for financial services companies given the area’s lifestyle.
“And access to top-notch schooling and high-end residential areas.”
The CIDC report states that seven call centre operations employ over 2 100 people in Claremont CBD, while a vibrant, well-managed, night-time economy contributes to the social and cultural life of Claremont’s community.
As Prof Francois Viruly, head of University of Cape Town (UCT) Urban Real Estate Research Unit points out in the report: “There are very few nodes in South Africa that successfully offer the Claremont mix of residential and non-residential uses. I envisage that Claremont will continue to strengthen its dominant position in the Cape Town metropolitan area.”
Highlighting the resilience of Claremont CBD, is the increase in property valuation – with the total value of both residential and commercial property almost doubling over the past decade, rising from R4,49 billion in 2012/13 to R8,85 billion in 2022/23 – an increase of 97,1%, compared to a total valuation of just R1,4 billion in 2004/05.
“Furthermore,” added CIDC chair David Stoll, “with office vacancy rates back in line with pre-Covid levels, office rentals increasing and residential apartment sales rebounding strongly, development activity in and around this node is expected to gather momentum during the next few years, with a number of major new developments currently planned or proposed anticipated to bring new businesses, residents and visitors to the area.”
Adds Kerbelker: “Importantly, the proposed expansion of the MyCiTi bus service to Claremont CBD will see a significant further investment in Claremont’s public transport interchange (PTI), which will improve accessibility to the node, thereby boosting retail and business activity.
Extending the MyCiTi service to the metro southeast, linking Khayelitsha and Mitchell’s Plain with Wynberg and Claremont will not only provide much-needed, affordable and reliable access for employees, students and visitors, it will also benefit businesses along the route. Coupled with this, the potential release of several City-owned vacant plots in the vicinity of the new PTI is likely to provide the impetus for increased commercial developments in the area.”
The new MyCiTi station will be in the heart of Claremont, in walking distance of student accommodation, shopping malls and other amenities and only a block away from Main Road – the main artery connecting this area with Cape Town CBD. Once the new MyCiTi station is operational, commuters will have a choice of five different modes of public transport – MyCiTi, Golden Arrow Buses, the UCT Shuttle, passenger rail and minibus taxis, all within a radius of less than 120 metres.
Last on the word was special guest James Vos, the City’s Mayco member for economic growth, who gave a thorough report on the State of the City in the expansion of their global campaign promoting “Choose Cape Town” as a destination for holidays, development and business.
“In Cape Town, we’re spoiled for choice, we’ve got very strong performing sectors, and not by chance, but by design... In terms of positioning Cape Town as a global city it’s important for us to continuously connect with key source markets all over, because we exist in a global village,” Vos elaborated.
“If you ask me what motivates me as the MMC for economic growth in Cape Town, is the fact that over 263 000 more Capetonians compared to last year, get up to go to work every single day,” Vos shared.
Another statistic by Vos indicated that there are just over 1,7 million Capetonians employed in Cape Town which is the highest employment recording since 2008.
