The pattern, noted by executives at property titan, PrimeTime, is also manifesting itself in "the looming massive oversupply" of office space in Gaborone. PrimeTime chairperson Petronella Matumo and MD Sandy Kelly said several new buildings were under construction in the CBD, which has become the country's top address for pioneering architecture in office space. These include First National Bank's new headquarters and sectional title schemes including Twin Towers, Morojwa and Mowana Mews, and the second phase of PrimeTime's own Prime Plaza. Recently completed buildings include Masa Centre, Exponential Building, the High Court and the first phase of the Prime Plaza.
"What we are seeing is a migration of businesses to the new CBD from the Main Mall/Government Enclave and Kgale which is putting pressure on rentals as vacancies emerge," the two executives said in a commentary made available this week. "Older properties are the ones that are likely to suffer in the short and medium term as tenants upgrade to new and newer, better developed properties. Commercial users in GICP are under pressure from licensing authorities to move which will be good for places like Kgale."
