This comes at a time when the CBD is finally beginning to develop a sense of identity as some of the larger developments are now filling with tenants. While there remain vacancies in some of the key buildings, occupation levels in the market have increased exponentially over the course of last year. Joe Simpson, director at leading global property consultancy, Knight Frank, commented, “The pace of office take-up in the CBD has been unprecedented and we fully expect further major acquisitions from large-scale occupiers in the next 24 months. We now expect to see more small and medium sized occupiers, especially from the professional services sector, relocating to service these larger entities dominating the area.
Time’s concept for Central Square appears to be spot on, there are smaller occupiers who have shown a preference for being owner-occupiers, but to date haven’t been catered for in the existing CBD developments and there is demand from investors keen to acquire a long-term investment in Gaborone’s prime office market”.
The 4,600 square metre scheme is expected to complete and be ready for occupation in mid 2015.
PrimeTime is currently building another 5,000 square metres complex, which forms the second phase of the Prime Plaza, which will be occupied by Barclays Bank Botswana.
The first phase of the Prime Plaza is a two-storey building, which was completed last year and is already occupied by CEDA.
According to Knight Frank, stronger than anticipated uptake of office space in the CBD mostly from government or quasi-government institutions has calmed fears of a bubble burst in Gaborone's office accommodation market. On the back of aggressive and speculative construction boom in the CBD and Fairgrounds Park in the past two years, analysts had warned of a looming overheating in the market, due to the teeming growth against a static economy. But now Knight Frank says that state-backed occupiers boosted office take-up in 2012 with parastatals and government departments accounting for up to 65 percent of transactions recorded over the year with a number of the completed schemes now at or close to 100 percent occupancy in the CBD.