October 16 2024 14:30
SOUTH AFRICA
Gone are the days when a breathtaking view of Table Mountain was enough to seal a property deal for businesses in Cape Town.
Both local and international firms are reimagining traditional office designs, opting instead for cutting-edge infrastructure and adaptable environments that promote a healthier work-life balance, and so the demand for premium-grade (P-grade) commercial properties is soaring. This is according to Venture Workspace, a provider of shared work spaces.
P-grade offices are a notch above A-grade and represent new offices. These are high quality, modern space. Essential features include high security- both manned and electronic, the latest generation of building services, ample parking and a prestigious lobby finish. There are also high ceiling heights, flexible floorplates and column spacing.
To be considered P-grade, an office should be 4-star Green Certified or in the absence of a formal rating include equivalent environmental initiatives which could include zoned lighting, energy-efficient building services and systems, water-efficient fixtures, rainwater harvesting, water-wise landscaping, and low VOC interior finishes.
Some companies are prioritising dynamic, interconnected and hybrid models that align with evolving work models, particularly to meet the needs of Gen Z, the first generation raised in a fully digital world and Gen Y which grew into tech.
According to Louis Fourie, co-founder of Venture Workspace, this trend is seen in Cape Town, where demand for high-end, flexible office spaces is on the rise.
Louis Fourie, co-founder of Venture Workspace
“The Western Cape is experiencing a boom in P-grade office demand, as companies seek spaces that combine functionality with lifestyle benefits. They are looking for ways to foster flexibility, collaboration, and innovation in world-class environments,” he says.
Fourie will soon introduce a fifth co-working office space to its Venture Workspace stable in the new Riverlands precinct, a high-end mixed use development that is home to Amazon’s new Africa headquarters.
Primed as a premier destination for flexible working, the city of Cape Town boasts the highest number of co-working spaces in Africa with more than 30 co-working spaces and 715 free wi-fi spots available. The rise in demand for these co-working spaces in the mother city can be attributed to a few factors, namely the increased semigration with Joburg companies moving to Cape Town, and international corporates looking to invest in the city. Further to this, the government initiatives encouraging remote work is making it easier for digital nomads to work from anywhere.
Embracing Flexibility
“Since the pandemic, flexibility has become essential, with many employees now viewing work-from-home options as a fundamental part of their jobs,” says Fourie.
Embracing adaptable working arrangements helps businesses reintroduce office life while accommodating employee preferences, fostering productivity and managing operational costs effectively.
In response to these market shifts, the new 2000 m² Venture Workspace will offer 66 serviced offices, four semi-serviced suites, coworking spaces, and social areas, all designed to meet the changing needs of modern enterprises.
“Riverlands is the perfect location for our new workspace and a prime example of Cape Town’s leadership in developing integrated business environments. The precinct combines premium office space with retail, residential, and lifestyle offerings, creating a dynamic hub that supports both productivity and wellbeing,” says Fourie.
Situated near major transport routes and just ten minutes from Cape Town’s CBD, the Riverlands precinct offers easy access to amenities like riverside restaurants, an eco-park, and running trails, says Fourie.
alistair@propertyflash.co.za
