The resilient Claremont CBD is poised for continued investment and growth

Well positioned in relation to major thoroughfares and home to a wide range of businesses including the retail and office sector, as well as a wide range of residential apartments, Claremont CBD has not only bounced back from the impacts of Covid , but continues to attract new businesses. and increased investment and growth, says Abdul Kerbelker, executive director of the Claremont Improvement District Company (CIDC).

In its 2023 report, it is evident that CIDC has played a major role in the sustainability, growth and development of this node, in close cooperation with its law enforcement partners, land and business owners and the community local.

The CIDC aims to protect and enhance the node’s existing asset base while simultaneously attracting new investments, tenants and customers.

As the OECD (Organization for Economic Co-operation and Development) has highlighted, resilience involves much more than just sustainability: it requires transparent and inclusive leadership and clear, financially viable coordination to succeed.

Kerbelker says: “Throughout Covid and lockdowns, CIDC has been able to provide uninterrupted urban management and social services while coordinating the efforts of local partners to resolve issues raised during this period, and in providing a stable environment from which commercial and residential activities in the sector were able to recover.

“We express our gratitude to the business owners who play a vital role in the resilience of the Claremont CBD, having successfully responded to Day Zero during the drought – pre-Covid, and who are now proactively tackling load shedding issues.

“Positively, commercial activity has returned to pre-pandemic levels, with a resumption of demand for office and retail spaces, and with a desire for maximum flexibility reinforcing the trend towards ecological living spaces and coworking.

“Demand for office space has been mainly driven by business process outsourcing and e-commerce companies, including call centers, while the node remains the preferred hub for financial services companies given of the area’s lifestyle offerings and access to a top-notch school and higher education. end residential areas.

Claremont CBD: a thriving hub

The CIDC report, at the time of writing, states that seven call centers employ more than 2,100 people in the Claremont CBD, while a vibrant and well-managed night-time economy contributes to the social and cultural life of the community of Claremont.

As Professor François Viruly, head of UCT’s urban real estate research unit, points out: “There are very few nodes in South Africa that successfully offer Claremont’s mix of residential and non-residential uses. I imagine Claremont will continue to strengthen its dominant position in the Cape Town metropolitan area.

Rising property valuations – with the total value of residential and commercial properties almost doubling over the past decade from R4.49 billion in 2012/13 to R8.85 billion in 2022/23 – highlights the resilience of the Claremont CBD. by 97.1%, compared to a total valuation of just R1.4 billion in 2004/05.

According to David Stoll, Chairman of the CIDC Board of Directors: “Additionally, with office vacancy rates returning to pre-Covid levels, office rentals increasing and residential apartment sales rebounding strongly, Development activity in and around this node is expected to accelerate over the coming years. years, with a number of major new developments currently planned or proposed to attract new businesses, residents and visitors to the area.

Kerbelker adds: “It is important to note that the proposed expansion of the MyCiTi bus service to the Claremont CBD will result in significant additional investment in the Claremont Public Transport Interchange (PTI), which will improve accessibility to the node, thereby boosting retail and commercial activity.

“The extension of the MyCiTi service to the South East Metro, connecting Khayelitsha and Mitchells Plain to Wynberg and Claremont, will not only provide much-needed, affordable and reliable access for employees, students and visitors, but will also benefit businesses along of the route.

“Coupled with this, the potential release of several vacant city-owned lots near the new PTI is likely to provide impetus for increased commercial development in the area. »

The new MyCiTi station will be in the heart of Claremont, within walking distance of student accommodation, shopping centers and other amenities, and just one block from Main Road – the main thoroughfare connecting this area to the Cape Town CBD.

Once the new MyCiTi station is operational, commuters will have the choice of five different modes of public transport: MyCiTi, Golden Arrow buses, UCT shuttle, passenger trains and minibus taxis, all within a radius of less than 120 meters.