{"id":681397,"date":"2023-04-22T17:00:52","date_gmt":"2023-04-22T15:00:52","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=681397"},"modified":"2023-04-21T15:42:39","modified_gmt":"2023-04-21T13:42:39","slug":"how-much-it-costs-to-rent-a-parking-bay-in-south-africas-major-metros-and-suburbs","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/681397\/how-much-it-costs-to-rent-a-parking-bay-in-south-africas-major-metros-and-suburbs\/","title":{"rendered":"How much it costs to rent a parking bay in South Africa – Cape Town vs Joburg vs Sandton"},"content":{"rendered":"

As more South Africans drive into the office and highjacking becomes more frequent and severe, secure parking bays have become a hot commodity – with a sizeable price tag.<\/p>\n

Rode\u2019s Report on the South African Property Markets for 2023 showed that office rentals in major decentralised nodes outside of CBDs and nationally have increased.<\/p>\n

Despite an uptick in demand for office space, rental growth did, however, slow in Johannesburg and Cape Town.<\/p>\n

According to Rode, Cape Town has performed well in the past few quarters, despite having a low base in 2021.<\/p>\n

In Q1 2023, grade-A nominal rentals in decentralized areas of Cape Town increased by 13%, while rentals in grade-A decentralized office spaces in Johannesburg and Pretoria increased by 2.3% and 1.7%, respectively.<\/p>\n

In contrast, decentralized rentals in Durban decreased by 2.3%.<\/p>\n

The property group said that it is important to note that these increases are year-on-year, and only Cape Town managed to record above-inflation rental growth compared to a year ago.<\/p>\n

All of these office spaces that are being rented also require some level of parking for employees. With a lack of efficient public transport, many corporate South Africans take their own car to work.<\/p>\n

Tracking agency TomTom<\/a><\/strong> recently reported that motorists in each city spend between 22 and 35 minutes on the road every day.<\/p>\n

Urban design-wise, many of South Africa’s cities have not adjusted sufficiently to more cars on the road and a growing population.<\/p>\n

According to TomTom, Pretoria is the most congested city, with an average of 6 days spent in rush hour per year, Cape Town and East London come in second and third with 5.5 days spent in rush hour.<\/p>\n

Following spending roughly half an hour on a oneway commute, finding a parking spot is likely to only further stress out a motorist.<\/p>\n

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The Rode’s broke down the rental costs associated with parking bays as follows:<\/p>\n

(Note: In terms of the grades for office rentals, they breakdown as follows:<\/em><\/p>\n