Mining Sparks F/town Economic Growth

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FRANCISTOWN: The resurgence in mining activities continues to positively influence the Francistown economy, breathing new life into sectors like property, land and transport.

 Demand for office and retail space in the city has also grown quite significantly this year.  Tati Company Property Manager Ogaisetse Khama said the outlook for office and retail space demand is going to get even higher as the mining boom keeps on boosting other sectors of the Botswana economy.  Khama noted that after the devaluation of the Pula, many businesses lost their cash flows, which slowed them down but since last year they have recovered and were now demanding space for rent.

Tati Company owns Nswazi Mall, Barclays Plaza and Blue Jacket Square and Khama added that they are doing well as Nswazi Mall has 100 percent occupation of retail and office space.   Nswazi houses shops like Pep, Ackermans, and Topline and Spar is the anchor shop at the complex.   Both Barclays Plaza and Blue Jacket Square have between 90 percent and 95 percent occupation and he said this is due to the fact that they are in the heart of the Central Business District (CBD). Some of Tati Company's retail rental space ranges from P55 to P100 per square metre and office space from P35 to P55 per square metre.  When summed up, the rentals are between P1, 500 up to P7,000 or more.  Khama noted that as the demand for space increases, prices are likely to rocket.   "The prices are determined by the market and if it's their property, owners will increase the rentals.  So we anticipate the rates to increase in the next five years," he asserted.  He also alluded to the fact that the complex is located next to the taxi and bus rank, including Ntshe House, which is a Government Enclave.   "Our buildings are well maintained and its another factor that works in our favour.  It is also convenient because Ntshe House people and other workers want to be closer to services."  Khama, however, acknowledged that the city's CBD is getting overcrowded and there is a likelihood of office and retail complexes moving away from the core to the periphery. 

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