(Shannon Fagan/ Getty Images)
The worst appears to be behind SA’s office market, with market rentals stabilising and companies increasingly encouraging employees back into boardrooms and meeting rooms, says JSE-listed Burstone Group.
The group, formerly Investec Property Fund, said on Wednesday that while there were still significant negative rental reversions (when a lower rent escalation is agreed on as leases come up for renewal), underlying market rentals were no longer falling.
And specific nodes such as Rosebank and Bryanston in Johannesburg and the V&A Waterfront and CBD in Cape Town were seeing much more positive momentum, with very little available space for tenants seeking offices in these sought-after areas.
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