The colonial style Port Elizabeth City Hall is located on Market Square in the city centre. It was built between 1858 and 1862 with the clock tower added on later in 1883. The City Hall was proclaimed a national monument in 1973. It houses a council chamber and concert/lecture hall.

Also in the Square -close to City Hall- is a replica of the Diaz Cross, donated by the Portuguese Government to commemorate the arrival of Bartholomew Diaz in Algoa Bay in 1488. Adjacent to the City Hall stands the small Prester John Memorial, dedicated to the mythical king-priest and the Portuguese explorers who "discovered" South Africa. The monument, which was unveiled in 1986 by the Portuguese Ambassador, is believed to be the only monument in the world depicting Prester John. The historic heart of the city is the site of a Saturday morning flea market.