Renewed interest in the Windhoek CBD

The Namibian economy has shown to be an anomaly in the sub-Saharan economic landscape, and is set to buck trends with forecasts of positive growth on the cards, despite the challenges that the broader global economy faces at this time. According to a report by the African Development Bank Group, the economy is projected to grow by around 3.3% in 2022, in comparison to an estimate of 1.9% for South Africa. This growth is attributed to a steady recovery in the financial services, tourism, retail and wholesale sectors, as well as the mining industry. Recent oil and natural gas discoveries off the Namibian coastline is set to boost this even further in the coming years. This view was echoed by the Bank of Namibia (BoN) who forecasts similar growth figures for 2022/2023.John Hislop, Business Development Executive of Aucor Property comments, “The Windhoek central business district (CBD) space presents unique opportunities for a wide variety of property investors. Several large blue-chip companies have invested in brand new, larger buildings in efforts to consolidate their investment and make provision for internal growth, and this has created several vacancies in the commercial and retail sectors within the CBD. Whilst this has its challenges, there is evidence of renewed interest in the area. The redevelopment of commercial space into inner city residential offerings is gaining traction in the Windhoek CBD, and this positive news potentially means green shoots for the sector.”Nedbank has recently moved into a new building, and their current building is now on the market and will be sold on auction. Located on Dr Frans Ondango Street, the building is in the heart of the Windhoek’s commercial centre and is set on a 940m2 erf, with a GBA of 3 765m2. This modern building spans five floors and a mezzanine level off the ground floor retail and banking hall space. There is basement parking for up to 42 vehicles, a 250KVA generator, 3 UPS systems and a host of other features including an executive suite of offices, conference room, entertainment area, roof top balcony and data server room with suspended flooring.“The property market remains a sound investment, and saavy investors will see the opportunity to take traditional commercial space and repurpose it to meet market demands. Urban regeneration and densification provide an avenue for small and medium-sized developers to gain a foothold into areas that were previously inaccessible to them, from an investment point of view. Residential offerings, and particularly student accommodation, drive the prospect of revitalizing the retail sector, and promotes local economic development and growth. With ongoing construction on several sites in the CBD, regeneration is already underway which reinforces the view that the economy is in the process of making a turn.” concludes Hislop.The auction will take place on the 20th of April 2022 at 12h00 and will be held at the offices of Aucor Namibia in Windhoek. For more information contact John Hislop on 083 265 6867 or visit www.aucorproperty.co.za

Renewed interest in the Windhoek CBD

Comments

Namibian Sun 2026-02-10

Please login to leave a comment

Renewed interest in the Windhoek CBD

Comments

Namibian Sun 2026-02-10

Please login to leave a comment

Subscription Required to Access Content ×

Login

Subscription Required to Access Content