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RETAIL OCCUPANCY RATES
Retail space in the Central City is in constant flux thanks to the continuous development and refurbishment of commercial buildings. The economic effects of Covid-19 resulted in the closure of hundreds of retail outlets, slightly outpacing the opening of new establishments – resulting in a decrease in the retail occupancy rate across the Central City.
SUMMARY OF TOTAL OCCUPANCY IN THE CENTRAL CITY
The total volume (m²) of retail space available across all four Central City precincts at the end of 2020 amounted to 270 176 m², marginally below the 274 605 m² recorded at the end of 2019. This was a decrease of -1.6 %.
The total retail space occupied across all four Central City precincts at the end of 2020 amounted to 239 099 m², a decline 9 597 m² from 248 696 m² recorded at the end of 2019. This was a decrease of -3.9 %.
Developments temporarily, or permanently, remove retail space, resulting in periods of vacancy while building is underway. This distorts the retail occupancy figure.
Total m² Occupied m² Vacant m²
P1 45 018 32 987 12 031
P2 100 595 90 114 10 481
P3 26 878 21 365 5 513
P4 97 685 94 633 3 052
TOTAL 270 176 239 099 31 077
(11.5 %)
11.5 % The total vacancy rate of retail space (31 077 m²) across all precincts amounted to 11.5 % of the total retail space available.In 2019, the total vacancy rate was 9.4 %.
