Westville’s Resilient Commercial Rental Market
The commercial property sector in Westville has remained resilient with tenants generally staying in prime office spaces in established office parks for the length of their lease term and renewing their agreements to stay for an extended period of time. This is according to Ryan Berry, Managing Director and Principal Agent of Deal Core Property Group. He states that one of the key driving forces in the Westville commercial property market is this suburb's ideal location, which has been fuelling the demand for office space in the area.
Berry notes, “prospective tenants are looking for upmarket, secure, accessible offices at affordable prices and Westville offers that”. He further remarks that Westville is easily accessed by employees who are travelling from surrounding areas. Owing to its central location, a short distance from many main arterial routes, particularly serviced by the N2 and N3, intercepting at the Spaghetti Junction interchange – Westville falls on a wide public transport network.
Berry says that the biggest demand has been for offices in the Derby Downs and Westway office parks, especially rental units that are in close proximity to main roadways. “Tenants are picking up properties between R100 and R130 per square. There is some real value for money, A-Grade offices that you can still get for about R110 per square metre in the current market conditions.”
This commercial sector has high volumes of office spaces available in key business parks and due to its locality, is the most centrally located commercial property node in Durban – with commercial space not staying on the market for too long. “There is limited office space throughout Westville, par for Westway Office Park, where a recent restructuring and number of tenancies moved one larger new build, has created desired vacancy opportunities,” says Berry.
Currently on the market is a 112m² prime office to let in a prominent Westville building, at R115 per m². This well-located and known building offers tenants a fantastic work environment that is conveniently located in proximity to all needed amenities and the M13 Highway – adding to its fantastic commercial location. The building provides employees with ample secure parking spaces and a round-the-clock security that controls visitor access. The office space is located on the first floor of this lovely building, with staircase and elevator access. Ideally set up for a business premises this space boasts several individual offices, a boardroom, meeting rooms, and kitchen area. Its open plan design will allow you to modify the space to suit your business’ requirements.
To those wanting to rent office space in Westville, Berry advises that they should monitor their operational costs closely. “Buildings with old infrastructure could run up these costs. It is therefore important that you align yourself with a reputable real estate company that will inform you of infrastructural issues and the operational costs involved. It is important to work with someone that would disclose this information to you and has your best interest at heart.”
If your business or company is looking for well-located offices that are competitively priced, then Westville’s office parks are ideal. Deal Core Property Group has a comprehensive portfolio of commercial rental properties in the Westville Area. We provide tenants with an array of secure commercial property types and expert advice on the rental process. Contact our dedicated team today to view your next Westville office.
Author: Deal Core Property Group