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Finance24.com - 18 May 2005
Johannesburg - Cape Town and Durban were included in 11 cities experiencing an upswing in office rentals, out of 50 cities surveyed in Europe, Middle East and Africa by international property network NAI, reports the network's South African partner NAI Finlay.
These three South African cities join London, Bucharest, Budapest, Dublin, Edinburgh, Tel-Aviv, Istanbul and Riga in achieving increased rentals on commercial property, according to the NAI report published for the final quarter of 2004.
While this is encouraging, NAI Finlay points out that South Africa is coming off a low base in comparison to the other countries surveyed, with office rentals in Johannesburg, Cape Town and Durban all positioned in the bottom five of the same 50 cities surveyed.
"In context of the over-supply of commercial space in the market over the past few years, it is encouraging that South Africa is starting to experience an upswing in demand for office rentals," said Lynette Finlay, CEO of NAI Finlay and President of SAPOA.
"The improving property fundamentals, resulting in higher occupancy and rental growth, indicate that increasing returns are likely for 2005."
"The rise in office rentals further demonstrates South Africa’s membership of the global economy, in line with international trends."
"Commercial property markets throughout the world are generally improving as steady and sustainable GDP growth is now making its impact in many countries in Asia, Middle East, Eastern Europe and in South Africa," said NAI President and Chief Operating Officer Jeff Finn.
"As corporations have begun to exhaust internal productivity and efficiency gains, they are now beginning to absorb the space left behind from the overbuilding that marked the peak of the last cycle. We look for continued improvement in market fundamentals as growing demand meets a market with a limited new supply pipeline," emphasised Finn.
The upswing in commercial property is possibly most evident in Tshwane. While the Tshwane office market is still weak, investors' appetite for the area is currently growing, buoyed by rentals that have firmed on the back of a steady increase in demand for space during 2004.
"Tshwane CBD B-grade vacancies improved from 23% to 16% in 2004 due to increased government investment and tenancy in the CBD, and concerted rejuvenation efforts," explained Finlay.
"Conversion of office buildings into residential units has created 24-hour mixed-use zones in the Pretoria CBD area, and improved property values. Concerted efforts are being made to evict slumlords and squatters and the implementation of improvement districts has increased overall safety and cleanliness," said Finlay.
The NAI 2005 Global Market Report, which contains values, trends and opportunities in 204 property markets worldwide, reports that the office market in Johannesburg is still weak, with oversupply still putting huge pressure on rentals, but demand is catching up with supply slowly but surely.
"This should improve by the end of 2005. Tenant driven office development still dominates the market. Demand for CBD premises is on the increase, and vacancy rates have improved year-on-year from an average 25% vacancy in 2002 to 18% vacancy at the end of 2004," pointed out Finlay.
Despite these improvements, South African commercial property rentals still lag behind other European and Middle Eastern cities. Prime decentralised A-grade office space in Johannesburg, at the time of the survey, approximated Euro95/m2 (R780/m2) per annum, as opposed to London which has the highest premium on office space at Euro1,031/m2 (R8 454/m2) per annum. South Africa’s office rentals compare to those achieved in Istanbul, Jerusalem, Marseille and Sofia. |
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