RESEARCH
OFFICE
VACANCY
REPORT
OFFICE VACANCY REPORT
Q2 - June 2016
Contributors
SAPOA CONTAC T DE TAILS • T: 011 883 0679 • F: 011 883 0684
Email: [email protected] • Web: www.sapoa.org.za
1
OFFICE VACANCY REPORT
Q2 - June 2016
Key Findings
As at Q2 2016, the national office vacancy rate as recorded by SAPOA was 10.5% - 40bps down from the quarter
before. In square meters terms, an aggregate of 143k sqm was let during the past quarter while 75k sqm of stock
was added to the survey sample- a positive net absorption of around 68k sqm.
The latest quarter also saw asking rentals continue its above inflation trend by posting a year-on-year growth of
9.1% - up from 8.6% in the quarter before.
The rise, however, is more a product of supply side dynamics than it is demand-driven. Current asking rentals are
based on a better quality sample than a year ago with several prime office developments having come on line in
the last year.
Recent data suggests that the fundamentals underlying the office sector recovery are becoming increasingly
fragile. The latest economic growth and employment data suggests a stagnant, flat growth environment.
The latest business confidence number declined to 32 (from an already pessimistic 36) implying an overall negative
sentiment among business executives which is likely to see industry decision makers maintaining an increasingly
selective approach to capital allocation.
Business & Financial services capital investment – a leading indicator of office vacancy rate – declined by more than
7% y/y to March implying that office vacancy rates could deteriorate first before improving.
The latest quarter saw a 1.1% improvement in the level of A-grade vacancy rate while the Prime and B-grade
vacancy rate softened slightly.
Important to note though is that the improvement in vacancy rate wasn’t broad-based as 17 of the 53 nodes
surveyed actually saw occupancy rates slide (many by 1%+ q/q).
On a municipal level, the lowest office vacancy rate at quarter end was recorded for the City of Cape Town with
7.8% - 70bps up from the quarter before.
Inner city office vacancy rates remain high and at almost double the level of city decentralised nodes – a similar
situation as the previous two cycles when vacancies were nearing peak levels.
During the quarter ending June 2016, the Sandton node had the largest positive impact by recording an improvement of 1.2% thereby contributing around 10bps to the overall decline.
Other notable contributors to the overall improvement was Randburg, the Joburg CBD, Umhlanga & Fourways.
Development activity continues to be concentrated with 85% of office development taking place in 10 nodes with
Gauteng office nodes dominating the rankings table. Sandton continues to account for the bulk of development
activity.
The office sector is still firmly entrenched in its recovery phase- which is however, becoming increasingly fragile as
a result of the sectors macro drivers.
SAPOA CONTAC T DE TAILS • T: 011 883 0679 • F: 011 883 0684
Email: [email protected] • Web: www.sapoa.org.za
2
OFFICE VACANCY REPORT
Q2 - June 2016
Latest Headline Results & Economic Drivers
As at Q2 2016, the national office vacancy rate as recorded by SAPOA was 10.5% - 40bps down from the quarter
before. In square meters terms, an aggregate of 143k sqm was let during the past quarter while 75k sqm of stock was
added to the survey sample- a positive net absorption of around 68k sqm.
The latest quarter also saw asking rentals continue its above inflation trend by posting a year-on-year growth of 9.1%
- up from 8.6% in the quarter before. The rise, however, is more a product of supply side dynamics than it is demanddriven. Current asking rentals are based on a better quality sample than a year ago with several prime office developments having come on line in the last year. The latest uptick in rental growth needs to be put in context though. On
an inflation-adjusted basis, office rentals are down more than 10% over the past 5 years having grown at only half the
rate of inflation recorded over this period.
LONG TERM TREND - VACANCY RATE & ASKING RENTAL GROWTH
SAPOA CONTAC T DE TAILS • T: 011 883 0679 • F: 011 883 0684
Email: [email protected] • Web: www.sapoa.org.za
3
OFFICE VACANCY REPORT
Q2 - June 2016
Latest Headline Results & Economic Drivers
Despite the 40bp decline recorded for the last quarter, the sideways trend observed since 2011 remain in tact– ever
since vacancies increased to 9.8% post the recession of 2009. The second quarter of 2015 saw a promising 60bp
improvement - the largest quarter-on-quarter decline since 2008- but even then there still wasn’t a clear downward
trend with more than half of office nodes surveyed reporting deteriorating vacancy rates compared to the quarter
before.
VACANCY RATE - QUARTER ON QUARTER SHIFT (BPS) & NET ABSORPTION (SQM)
SAPOA CONTAC T DE TAILS • T: 011 883 0679 • F: 011 883 0684
Email: [email protected] • Web: www.sapoa.org.za
4
OFFICE VACANCY REPORT
Q2 - June 2016
Latest Headline Results & Economic Drivers
Recent data suggests that the fundamentals underlying the office sector recovery are becoming increasingly fragile. The
latest economic growth and employment data suggests a stagnant, flat growth environment while business confidence
and capital investment slumped worryingly in their latest reporting periods. The latest business confidence number
declined to 32 (from an already pessimistic 36) implying an overall negative sentiment among business executives
which is likely to see industry decision makers maintaining an increasingly selective approach to capital allocation –
especially expansionary. Business & Financial services capital investment – a leading indicator of office vacancy rate –
declined by more than 7% y/y to March implying that office vacancy rates could deteriorate first before improving.
As noted in previous reports, the current cycle remains similar in many ways to the period 2000/01 when both office
sector and macroeconomic fundamentals were at a similar crossroads. External factors weighed on the South African
economy (much like today) leading to the office vacancy rate eventually peaking more than 2 years later in 2003. A
sustained improvement in the office vacancy rate relies on a strengthening of these macroeconomic drivers so in
summary, the office sector still faces a range of headwinds not least of which is economic growth and job creation.
ECONOMIC DRIVERS - OFFICE SECTOR: 1990 - PRESENT
SAPOA CONTAC T DE TAILS • T: 011 883 0679 • F: 011 883 0684
Email: [email protected] • Web: www.sapoa.org.za
5
OFFICE VACANCY REPORT
Q2 - June 2016
Latest Headline Results & Economic Drivers
The graphic below illustrates the relationship between business capital investment and the office vacancy rate. Historically, this measure has led office vacancy cycle by 10-14 quarters. Given the recent slump in the Business & financial
services capital investment measure, this could mean that vacancy rates could deteriorate before getting better.
The previous economic cycle saw a strong recovery in capital investment (period ’04-’07) – driven by robust GDP growth
while the current GDP growth forecast suggests a more moderate upturn in economic growth – in fact forecasts from
the SARB, ratings agencies and the World Bank have recently been adjusted downwards. That said, the current cycle is
likely to see a more muted level of capital investment implying a shallower, more protracted, bumpier office vacancy
recovery this time around relative to the 2004-2008 cycle which was driven by a real GDP growth of above 3.5%.
CAPITAL INVESTMENT - FINANCIAL & BUSINESS SERVICES SECTOR
VACANCY RATE ON RIGHT HAND AXIS (REVERSED)
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Email: [email protected] • Web: www.sapoa.org.za
6
OFFICE VACANCY REPORT
Q2 - June 2016
Office Vacancy & Rental Growth By Grade
The latest quarter saw a 1.1% improvement in the level of A-grade vacancy rate while the Prime and B-grade vacancy
rate softened slightly. At 4.9%, the prime office vacancy rate is still high in historical terms having increased from
below 2% since the end of 2013.
The vacancy rate of secondary offices – while still high – have improved significantly over the past 2-3 years. In some
nodes this is due to offices being converted to residential units while in others evidence suggests that tenants may be
trading down the quality curve as business confidence remain at level below 50.
Important to note though is that the improvement in vacancy rate wasn’t broad-based as 17 of the 53 nodes surveyed
actually saw occupancy rates slide (many by 1%+ q/q). This underlines the importance of nodal selection for property
fund and asset managers in the current market with location playing a similarly important role as office quality and
other characteristics such as floorplate size & accessibility.
VACANCY RATE
JUNE 2016
WEIGHTED CONTRIBUTION TO VACANCY RATE SHIFT
JUNE 2016
VACANCY RATE TREND
1990/03/01 TO 2016/06/01
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Email: [email protected] • Web: www.sapoa.org.za
7
OFFICE VACANCY REPORT
Q2 - June 2016
Office Vacancy & Rental Growth By Grade
On a municipal level, the lowest office vacancy rate at quarter end was recorded for the City of Cape Town with 7.8% 70bps up from the quarter before. While the City of Cape town’s office occupancy rate as a whole was up 60bps there
was significant movement in the underlying nodes and grades. The Waterfront saw a weakening of 4.1% while Century
City and Pinelands saw vacancy rates recede by 2.7% and 2.2% respectively. The two largest markets – the CBD &
Bellville – offset this to a degree.
The City of Cape Town was the only metro office market to record a declining office occupancy rate. Nelson Mandela
Bay, a relatively small market, saw the largest improvement (-1.7%). On a weighted basis, the City of Johannesburg
contributed the most to the overall improvement with a 70bp strengthening contributing 40bps to the aggregate
change.
Tshwane & EThekwini recorded positive shifts of 60 & 20bps respectively – a combined weighted contribution of
around 10bps to the overall move.
VACANCY RATE
JUNE 2016
WEIGHTED CONTRIBUTION TO VACANCY RATE SHIFT
JUNE 2016
VACANCY RATE TREND
1990/03/01 TO 2016/06/01
SAPOA CONTAC T DE TAILS • T: 011 883 0679 • F: 011 883 0684
Email: [email protected] • Web: www.sapoa.org.za
8
OFFICE VACANCY REPORT
Q2 - June 2016
Office Vacancy & Rental Growth By Location
– Cbd Vs. Decentralised
Inner city office vacancy rates remain high and at almost double the level of city decentralised nodes – a similar situation
as the previous two cycles when vacancies were nearing peak levels. In saying that, inner city vacancies are currently
lower than it was in 2003 as a result of structural change brought about by the conversion of CBD offices to residential
space. During the quarter ending June 2016, the national inner city office vacancy rate was down 30bps to 15.0% while
the country’s city decentralized nodes posted an aggregate vacancy rate of 9.0% - 40bps down from the previous
quarter.
The current level of inner city office vacancies is largely driven by the CBD of Johannesburg where the aggregate
vacancy rate ended the quarter at 20.6%. The Pretoria CBD recorded the largest improvement among the inner city office
markets with a 60bp improvement.
The largest contributors to the improvement in the City Decentralised vacancy rate was Sandton, Randburg, Umhlanga,
Fourways & Parktown which recorded a combined decline of 3.0% and contributed 25% of the overall sector improvement.
CURRENT OFFICE VACANCY RATE
JUNE 2016
WEIGHTED CONTRIBUTION TO VACANCY RATE SHIFT
JUNE 2016
VACANCY RATE TREND
1990/03/01 TO 2016/06/01
SAPOA CONTAC T DE TAILS • T: 011 883 0679 • F: 011 883 0684
Email: [email protected] • Web: www.sapoa.org.za
9
OFFICE VACANCY REPORT
Q2 - June 2016
Which Nodes Drove The Change In Vacancy?
On a nodal level, there is significant variance – both in terms of absolute vacancy rate and the direction of their recent
trends up or down. The graphic below illustrates the top 5 nodes in terms of positive & negative impact on the overall
vacancy rate.
During the quarter ending June 2016, the Sandton node had the largest positive impact by recording an improvement of 1.2% thereby contributing around 10bps to the overall decline.
Other notable contributors to the overall improvement was Randburg, the Joburg CBD, Umhlanga & Fourways. All
other nodes had a combined contribution of 20bps to the overall decline in vacancy rate.
Century City & Pinelands had the largest negative impact on the overall office vacancy rate with upward shifts of
2.7% and 2.2% respectively contributing a combined 15bps to the shift in the national figure.
WEIGHTED CONTRIBUTION TO VACANCY RATE SHIFT
BY NODE
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Email: [email protected] • Web: www.sapoa.org.za
10
OFFICE VACANCY REPORT
Q2 - June 2016
Office Development Activity
Several large office developments came onto the market in the past 2 quarters which saw aggregate development
come off slightly. Another reason for the decline is that some development schemes are scaling down speculative
building activity and opting to only complete phases which are pre-let. At the end of the current quarter, developments under construction totalled 825k sqm. Expressed as a percentage of existing market stock, development activity
is currently at 4.7% -off the highs of 2007-’08 but still on the high side given the absence of growth drivers on a national
level.
The overall pre-let rate of developments has softened recently following a slight improvement in the previous quarter.
As at the end of Q2, the national pre-let rate of developments where ground has been broken was recorded at 62.2%.
The construction time of some large projects recently breaking ground did have an impact on this but a decline in the
pre-let rate could weigh on rental growth given that new developments will compete with completed stock for tenants.
OFFICE DEVELOPMENT TREND
DEVELOPMENT ACTIVITY & PRE-LET RATE (1993 - CURRENT)
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11
OFFICE VACANCY REPORT
Q2 - June 2016
Office Development Activity
Development activity continues to be concentrated with 85% of office development taking place in 10 nodes with
Gauteng office nodes dominating the rankings table. Sandton continues to account for the bulk of development
activity and as at quarter end constitutes 42% of national office development. This is actually down on the recent high
of 46% as development activity in other nodes pick up.
The rapidly growing Waterfall node and Rosebank round out the top 3 with several large scale developments in
progress. On a regional level, Gauteng accounts for more than 75% of current office developments by GLA in the nodes
forming part of the SAPOA OVS.
OFFICE DEVELOPMENT UNDER CONSTRUCTION
SQUARE METERS; 1990/03/01 TO 2016/06/01
DEVELOPMENT ACTIVITY
BY NODE; JUNE 2016
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Email: [email protected] • Web: www.sapoa.org.za
12
OFFICE VACANCY REPORT
Q2 - June 2016
Development – Focus On Sandton
Given that Sandton accounts for more than 40% of current office development it is worth having a closer look at the
node. The graphic below plots the current office developments in the node according to estimated completion date and
maps them spatially for added context. The graphic emphasises the size of the current developments underway in
Sandton relative to other developments nationally.
The spatial map underlines just how important the Gautrain was as a catalyst for real estate development as all 6 current
major developments are within 700m of the Sandton station. The majority of these developments are single tenanted
corporate head offices which talks to another risk, back fill vacancies as a result of corporate real estate consolidation.
Once these developments are complete and tenanted, several currently occupied premises (in some cases concentrated
in one node) will be vacated & would need to be re-let in a challenging macroeconomic environment.
OFFICE DEVELOPMENT PIPELINE
CURRENTLY UNDER CONSTRUCTION; SANDTON HIGHLIGHTED
DEVELOPMENT LOCATION MAP
SANDTON OFFICE DEVELOPMENT
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13
OFFICE VACANCY REPORT
Q2 - June 2016
Which Nodes Could Come Under Pressure?
Given the level of development activity that remains high relative to the historical trend it’s important to form a view of
demand alongside the supply picture. While some nodes may have a high level of development relative to others - these
might be mostly pre-let which would not impact as negatively on rentals.
The graphic below breaks down the top & bottom 5 nodes based on their current total vacancy rate and level of development activity to establish an indicator of short to medium term pressure on rental growth. As an example, the fast
growing Waterfall node is currently deemed to be higher on the pressure index than the Sandton node based on these
measures. This factor will change over time (especially in the case of large, multi-year projects) as more development
space is completed and a higher proportion is pre-let before it comes onto market.
On a national level, the pressure index is currently at .40 – down from a recent high in 2013 of .69 but far off the lows of
.06 experienced before the recession and global financial crisis.
On the other side of the pressure spectrum are mature, popular nodes such as Melrose, Arcadia, Bellville, Pinelands and
Rondebosch/Newlands. These nodes are generally mature, popular offices nodes with low vacancy rates and limited
opportunities for greenfield developments which should underpin short term rental growth.
NODES UNDER PRESSURE?
PRESSURE FACTOR - TOP 5 & BOTTOM 5
BASED ON VACANCY RATE, UNIET DEVELOPMENTS & DEVELOPMENT ACTIVITY
PRESSURE FACTOR
A FUNCTION OF TOTAL VACANCY & DEVELOPMENT
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14
OFFICE VACANCY REPORT
Q2 - June 2016
Which Nodes Could Come Under Pressure?
Further analysis of the total vacancy rate on a nodal level reveals that several nodes currently have a fairly wide spread
between their ‘total’ vacancy rate (incl. un-let developments) and the vacancy rate on completed/existing property.
Speculative developments pose a downside risk to rental growth if unlet and a failure to do so might see the node’s
vacancy rate converge on the current ‘total vacancy rate’.
In the case of Randburg, unlet new developments currently hold a potential downside risk of 8.4% impact on vacancy rate
as the vacancy rate of completed property is 9.5% but including unlet developments in this figure ups it to around 18%%.
As mentioned in prior reports, Rosebank is also potentially subject to some backfill risk with the upcoming move of Sasol
from several buildings in the node to its new head office in Sandton.
NODES WHERE SPECULATIVE DEVELOPMENT POSE SHORT TERM RISK
TOTAL VACANCY RATE INCLUDES COMPLETED PROPERTY & DEVELOPMENT UNDER CONSTRUCTION
SAPOA CONTAC T DE TAILS • T: 011 883 0679 • F: 011 883 0684
Email: [email protected] • Web: www.sapoa.org.za
15
OFFICE VACANCY REPORT
Q2 - June 2016
Where Are We In The Office Property Cycle?
The office sector is still firmly entrenched in its recovery phase- which is however, becoming increasingly fragile as a
result of the sectors macro drivers. But given the recent up & down trend in vacancy rates & stabilisation of rental
levels across most office grades it would be fair to say the recovery remains on track or now. However, the future trend
depends largely on the strength of growth drivers- most notably financial & business services employment growth &
capital investment. An absence thereof could see the sector’s momentum stagnate leading to a deterioration in
vacancy rate, pressure on rentals & worst case scenario drop back into recession.
Capital investment into financial & business services have declined sharply in the quarter to June following an encouraging improvement in quarters prior. This brings into doubt the strength of the recovery in vacancy rates and may see
. As far as development activity & the total vacancy rate (incl. new developments) are concerned, the office sector is
currently mid-way relative to historical levels on both these measures. Ideally, the next move should be towards ‘2006’
or ‘2008’ on the graphic below– i.e. a situation where demand exceeds a healthy level of supply.
2016 IN CONTEXT
MIDDLE OF THE ROAD
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16
OFFICE VACANCY REPORT
Q2 - June 2016
Gross Asking Rentals (R/(m2)
Previous Months
Total
Rentable
Area (m2)
Area
Available for
leasing (m2)
Vacancy
Rate (%)
3%
6%
9%
MIN
MAX
MED
100
75
75
135
100
95
106
93
90
85
59
80
90
85
80
87
80
80
Total
Rentable
Area (m2)
Area
Available for
leasing (m2)
Gross
Asking
Rent
CITY OF JOHANNESBURG
BEDFORDVIEW
A
B
C
Total
157
63
16
237
010
994
774
778
BRAAMFONTEIN
A
B
C
Total
BRUMA
A
B
C
Total
3
9
5
18
441
145
829
415
2,2%
14,3%
34,8%
3,9%
11,8%
33,0%
6,4%
10,6%
9,6%
4,2%
11,4%
32,1%
7,7%
9,4%
7,9%
8,4%
209
142
98
451
821
838
516
175
14
14
2
31
363
670
642
675
6,8%
10,3%
2,7%
7,2%
10,5%
2,7%
8,7%
9,9%
2,7%
13,0%
4,4%
2,7%
7,0%
7,3%
7,8%
8,2%
49
39
2
90
089
179
460
728
5
4
1
11
693
379
875
947
11,6%
11,2%
76,2%
3,3%
14,1%
76,2%
6,6%
9,6%
76,2%
3,3%
16,2%
81,6%
13,2%
10,0%
10,4%
13,7%
18
29
1
50
776
316
574
956
622
5,5%
6,2%
10,4%
16,6%
5,5%
7,0%
10,7%
14,1%
1,7%
5,2%
9,6%
14,1%
6,1%
7,1%
8,4%
8,8%
7,2%
6,2%
27
225
141
394
843
715
209
767
5,0%
23,8%
34,6%
8,8%
23,7%
33,5%
8,8%
22,9%
34,9%
6,8%
24,0%
34,7%
20,6%
21,0%
20,9%
20,8%
4,7%
11,9%
4,6%
6,1%
4,7%
6,7%
5,0%
8,3%
5,1%
4,7%
4,8%
5,2%
0,0%
18,5%
17,3%
0,0%
19,3%
18,8%
0,0%
8,4%
37,1%
0,0%
9,5%
17,9%
10,1%
10,7%
10,1%
6,6%
BRYANSTON/EPSOM DOWNS
P
A
B
C
Total
14
295
283
11
604
011
325
562
806
704
CBD JOHANNESBURG
A
B
C
559 415
948 294
407 591
Total 1 915 300
CONSTANTIA KLOOF
A
B
Total
314 188
21 743
335 931
14 664
2 587
17 251
CRESTA/BLACKHEATH/RANDPARK
P
A
B
Total
75
54
42
171
000
110
035
145
10 033
7 272
17 305
000
148
244
392
17 676
100
17 776
0,0%
10,5%
1,4%
0,0%
14,7%
0,0%
0,0%
15,4%
0,0%
0,0%
12,7%
0,0%
8,8%
11,9%
12,4%
10,3%
16 400
60 191
76 591
6 548
6 548
0,0%
10,9%
11,7%
67,1%
16,2%
67,1%
10,1%
8,5%
11,7%
29,9%
26,3%
FOURWAYS
P
A
B
Total
25
169
7
201
GREENSTONE
P
A
Total
HOUGHTON/KILLARNEY
A
Total
111 035
111 035
11 149
11 149
10,0%
10,2%
10,5%
9,2%
10,0%
10,2%
10,5%
9,0%
28 000
75
75
75
120
110
75
90
80
75
155
110
90
90
155
195
153
95
155
145
115
90
110
54
25
110
100
80
110
75
50
90
75
135
95
118
95
105
59
125
131
115
90
95
150
188
150
112
150
110
152
144
94
182
128
SAPOA CONTAC T DE TAILS • T: 011 883 0679 • F: 011 883 0684
Email: [email protected] • Web: www.sapoa.org.za
28 200
16 000
171
6 160
6 160
165
6 103
1 458
180
17
OFFICE VACANCY REPORT
Q2 - June 2016
HYDE PARK/DUNKELD
A
B
Total
Illovo
P
A
B
Total
40 867
74 533
115 400
22
172
27
222
600
802
164
566
MELROSE/WAVERLEY
P
A
B
C
Total
116
39
16
3
175
MIDRAND
P
A
B
C
Total
MILPARK
A
B
C
Total
000
338
697
500
535
RIVONIA
A
B
C
Total
8,9%
12,8%
11,7%
10,2%
16,4%
6,0%
16,9%
16,1%
6,1%
1,4%
8,4%
8,0%
14,0%
7,1%
9,5%
14,5%
15,0%
7,9%
7,9%
1,6%
2,8%
0,0%
5,3%
1,5%
3,0%
0,0%
5,3%
4,1%
2,9%
1,2%
7,1%
4,3%
2,1%
1,2%
1,3%
1,8%
1,8%
3,6%
3,5%
0,0%
8,1%
8,8%
50,6%
0,6%
11,7%
10,1%
0,0%
2,9%
10,3%
10,4%
0,0%
8,8%
9,3%
8,0%
8,2%
27
178
18
224
900
926
012
838
15 482
4 276
19 758
0,0%
8,7%
23,7%
0,0%
7,9%
23,7%
0,0%
4,5%
0,0%
0,0%
2,2%
0,0%
8,8%
8,2%
3,5%
1,7%
70 169
16 200
86 369
15 312
15 312
21,8%
0,0%
20,7%
0,0%
24,3%
0,0%
19,9%
19,1%
17,7%
16,9%
19,5%
19,8%
0,0%
3,4%
29,9%
0,0%
0,0%
3,4%
32,4%
0,0%
0,0%
39,1%
0,0%
0,0%
39,1%
0,0%
14,4%
14,9%
20,0%
20,0%
2,4%
8,5%
2,1%
2,0%
11,3%
2,1%
2,0%
7,1%
3,5%
2,1%
7,5%
4,2%
6,2%
7,8%
5,3%
5,6%
30
61
77
6
175
000
859
700
300
859
2 100
23 256
25 356
791
265
970
026
2 837
18 921
378
22 136
32
54
345
22
454
000
667
769
400
836
553
37 876
4 690
43 119
0,0%
1,0%
11,0%
20,9%
0,0%
0,3%
15,0%
25,7%
0,0%
1,0%
9,9%
25,7%
0,0%
1,0%
10,1%
25,7%
9,5%
12,5%
8,9%
9,1%
10
251
5
267
500
447
834
781
367
42 986
43 353
3,5%
17,1%
0,0%
3,5%
17,1%
0,3%
14,3%
20,9%
0,3%
15,6%
20,6%
0,0%
16,2%
16,2%
18,1%
18,5%
116
223
17
358
RANDBURG
Total
7,1%
0,0%
7,0%
8,9%
52,1%
PARKTOWN
P
A
B
C
25,1%
4,3%
670
057
793
520
NEWTOWN
Total
1 881
1 119
186
3 186
20,4%
8,6%
28
25
9
63
Total
A
B
C
300
279
639
218
10,9%
7,8%
876
931
970
785
562
A
B
Total
2
28
1
32
12,4%
4,1%
12
407
282
18
722
MORNINGSIDE
P
A
B
C
5 074
3 083
8 157
119
130
130
165
130
130
210
140
115
240
230
165
225
160
150
225
130
225
250
225
166
80
80
80
75
55
70
149
142
70
100
80
70
75
110
82
65
130
115
85
95
95
92
82
90
135
125
90
123
100
90
85
55
45
130
73
85
100
65
130
120
17 000
14 500
164
6 680
6 680
146
48 500
47 000
110
85
75
55
130
95
SAPOA CONTAC T DE TAILS • T: 011 883 0679 • F: 011 883 0684
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18
OFFICE VACANCY REPORT
Q2 - June 2016
ROSEBANK
P
A
B
C
Total
67
137
165
13
384
SANDTON
P
A
B
565
767
223
Total 1 556
000
501
923
582
006
571
912
391
874
SUNNINGHILL
A
B
Total
224 761
126 849
351 610
WATERFALL
P
A
23 139
51 435
74 574
Total
WOODMEAD
A
B
Total
347 599
59 124
406 724
0,0%
6,3%
10,4%
1,2%
0,0%
8,7%
6,7%
3,4%
0,0%
10,3%
7,9%
7,9%
0,0%
13,3%
7,0%
6,6%
6,8%
6,1%
7,4%
8,0%
5,1%
15,8%
7,1%
4,6%
18,3%
7,1%
4,1%
17,0%
7,4%
4,4%
15,0%
6,9%
10,7%
11,9%
11,1%
10,1%
24 190
24 190
10,8%
0,0%
10,8%
0,0%
9,4%
0,0%
9,3%
0,0%
6,9%
6,9%
6,1%
6,0%
6 800
6 800
0,0%
13,2%
9,6%
10,4%
2,0%
9,1%
9,6%
10,4%
2,0%
27 513
28 396
55 909
7,9%
48,0%
13,1%
17,1%
12,9%
26,0%
7,6%
28,4%
13,7%
13,3%
13,4%
8,5%
8 664
17 213
168
26 045
28
121
15
165
818
118
971
907
116
110
145
161
95
75
75
100
171
171
250
200
145
220
208
175
125
100
171
171
160
128
145
56 294
25 894
230
346 000
57 500
220
23 191
23 191
108
61 027
14 452
171
6 000
500
18 000
9 000
3 000
3 000
192
145
100
85
100
171
171
90
75
155
130
124
103
98
85
45
150
100
70
120
90
61
150
110
45
180
160
95
170
123
70
CITY OF CAPE TOWN
BELLVILLE
A
B
C
Total
369
162
21
553
CLAREMONT
A
B
C
Total
62
46
9
118
797
441
618
856
9
13
4
27
547
761
678
986
2,6%
8,5%
21,6%
2,5%
8,4%
22,1%
3,1%
7,7%
22,1%
4,8%
10,2%
22,4%
5,1%
5,0%
5,2%
7,1%
636
586
679
901
4
1
1
7
673
379
502
554
7,5%
3,0%
15,5%
5,5%
4,8%
11,4%
1,5%
4,6%
11,9%
1,4%
8,0%
14,4%
6,4%
5,7%
3,8%
5,6%
10
34
49
12
106
200
507
410
732
849
19,6%
9,5%
9,7%
11,1%
21,2%
11,4%
8,6%
11,6%
25,0%
9,1%
7,3%
16,4%
30,8%
9,4%
9,3%
18,3%
10,3%
10,6%
10,0%
11,7%
4,5%
4,5%
4,7%
3,4%
4,1%
3,8%
4,7%
6,0%
4,5%
4,3%
4,0%
5,1%
125
793
861
779
15,3%
7,6%
14,8%
3,9%
6,3%
12,9%
11,6%
5,0%
15,7%
52,0%
5,2%
18,1%
9,5%
6,9%
7,1%
12,2%
1 735
7 196
8 931
0,9%
21,0%
0,8%
6,0%
1,5%
16,4%
1,7%
9,0%
3,8%
1,6%
3,8%
2,8%
CBD CAPE TOWN
P
A
B
C
52
361
509
114
Total 1 037
000
883
362
710
955
RONDEBOSCH/NEWLANDS
A
B
71 654
28 077
99 731
Total
CENTURY CITY
P
A
B
Total
46
247
39
333
PINELANDS
A
B
Total
480
576
563
619
200 975
34 241
235 216
3 209
1 255
4 464
7
18
5
31
185
95
80
50
185
188
140
120
185
130
100
70
138
110
175
135
168
123
155
130
110
175
165
120
165
135
110
110
95
145
120
130
100
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19
OFFICE VACANCY REPORT
Q2 - June 2016
WATERFRONT
P
A
B
18
69
6
93
Total
000
555
298
853
0,0%
8,7%
0,0%
0,0%
3,2%
0,0%
0,0%
5,7%
0,0%
0,0%
5,1%
0,0%
6,4%
2,4%
4,2%
3,7%
0,0%
9,0%
5,7%
8,0%
0,0%
9,0%
5,7%
9,1%
0,0%
13,1%
2,9%
7,1%
0,0%
13,7%
5,8%
7,7%
7,4%
7,8%
8,5%
9,1%
7,6%
19,8%
15,4%
3,4%
16,2%
15,4%
3,5%
16,2%
15,4%
4,5%
16,2%
15,4%
12,7%
9,5%
9,6%
10,0%
16,6%
8,7%
14,7%
16,0%
7,2%
15,4%
16,6%
10,2%
16,1%
15,2%
10,2%
15,1%
13,9%
13,4%
14,7%
13,9%
41,9%
1,3%
3,7%
14,0%
24,3%
4,3%
4,3%
0,0%
6,3%
4,0%
4,6%
0,0%
4,6%
1,4%
5,3%
0,0%
10,1%
7,9%
4,4%
2,8%
293
702
326
321
10,1%
5,8%
8,2%
13,6%
8,6%
5,1%
27,1%
8,7%
4,7%
37,6%
5,7%
6,1%
6,3%
8,6%
9,5%
7,6%
5 735
8 616
14 351
8,5%
6,1%
14,0%
4,9%
12,6%
4,9%
8,0%
6,1%
6,9%
7,9%
7,1%
6,6%
3,6%
10,5%
1,1%
8,1%
10,5%
1,1%
4,9%
11,6%
1,0%
4,9%
11,8%
1,5%
5,0%
6,7%
5,6%
5,9%
6 032
6 032
170
185
175
26 000
1 930
235
6 617
145
eTHEKWINI MUNICIPALITY
BALLITO
P
A
B
C
3
20
7
14
46
632
640
496
411
179
55
33
17
106
621
303
653
577
4
6
2
13
234
588
713
535
203
437
605
245
30
13
50
94
896
186
622
704
Total
BEREA
A
B
C
Total
CBD DURBAN
A
B
C
Total
186
151
344
682
HILLCREST/GILLITS
P
A
B
C
6
18
6
1
32
Total
267
748
402
446
863
UMHLANGA/LA LUCIA
P
A
B
Total
22
270
28
321
658
198
386
242
WESTVILLE
A
B
Total
67 847
141 562
209 409
1 851
430
1 149
3 430
2 628
252
237
202
3 319
2
15
2
20
100
60
53
190
70
100
125
60
60
90
75
65
125
160
95
110
100
88
65
50
35
109
85
75
75
75
55
118
95
85
150
130
130
100
150
120
113
93
150
5 840
164
90
100
164
165
130
164
130
118
42 694
90
85
140
130
130
110
4 000
CITY OF TSHWANE
ARCADIA
A
B
C
Total
125
111
110
347
570
310
610
490
4
11
1
17
487
730
189
406
BROOKLYN/NIEUW MUCKLENEUK/GROENKLOOF/WATERKLOOF
A
B
Total
149 210
102 814
252 024
CBD PRETORIA
A
B
C
Total
134
362
210
707
580
472
300
352
5 496
8 690
14 186
1
45
7
55
789
464
833
086
3,7%
8,5%
4,0%
9,2%
3,6%
12,8%
2,2%
14,8%
5,6%
6,2%
7,5%
7,5%
1,3%
12,5%
3,7%
1,3%
13,6%
3,7%
1,3%
13,4%
4,4%
1,3%
13,1%
3,6%
7,8%
8,3%
8,4%
8,0%
150
50
70
150
95
95
150
85
83
125
85
180
170
135
120
65
60
60
65
100
95
65
80
75
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20
OFFICE VACANCY REPORT
Q2 - June 2016
CENTURION CBD
A
B
13,4%
21,4%
12,3%
21,2%
8,4%
19,8%
10,9%
20,3%
17,7%
17,1%
14,7%
16,1%
7,8%
11,5%
7,9%
12,6%
5,7%
10,9%
8,3%
9,3%
10,4%
11,3%
9,5%
9,0%
8,3%
13,1%
8,5%
13,0%
6,0%
12,1%
12,2%
11,1%
9,7%
9,9%
7,8%
11,9%
3,1%
4,6%
12,6%
0,0%
3,1%
4,6%
15,0%
0,0%
11,3%
7,3%
6,7%
0,0%
11,3%
9,5%
7,4%
0,0%
7,8%
9,0%
7,3%
8,3%
288
911
690
889
8,6%
8,7%
35,5%
9,9%
9,8%
37,0%
10,7%
8,9%
37,9%
11,5%
8,8%
70,4%
9,2%
10,5%
10,6%
11,8%
62 630
4 615
30 890
250
3 000
101
Total
96 520
4 966
PTA OTHER EASTERN SUBURBS/ ROUTE 21
A
132 382
11 659
B
185 260
21 575
C
33 810
2 072
Total 351 452
35 306
SUNNYSIDE
C
72 700
1 179
Total
72 700
1 179
7,4%
0,8%
3,4%
9,9%
0,8%
11,2%
5,0%
0,9%
13,8%
5,6%
0,3%
0,0%
5,1%
7,1%
3,6%
3,3%
8,8%
11,6%
6,1%
9,5%
11,7%
6,7%
9,3%
11,3%
2,8%
11,7%
12,4%
4,0%
10,0%
10,4%
9,8%
11,3%
Total
210 010
233 937
443 947
HATFIELD/HILLCREST
A
B
Total
80 000
197 970
277 970
28 240
50 162
78 402
6 220
22 740
28 960
HIGHVELD TECHNOPARK & EXTENSIONS
A
B
Total
422 792
164 932
587 724
35 092
21 644
56 736
LYNNWOOD/MENLO PARK/PERSEQUOR PARK/HAZELWOOD
P
A
B
C
Total
44
65
111
13
235
680
861
290
800
631
1 393
3 041
14 053
18 487
MENLYN/FAERIE GLEN/ASHLEA GARDENS
A
B
C
Total
224
125
7
357
505
130
588
223
19
10
2
32
SILVER LAKES/ THE WILLOWS
A
B
C
1,6%
1,6%
1,6%
1,9%
1,6%
1,6%
1,6%
1,9%
100
65
165
143
125
98
140
80
175
150
158
100
101
85
166
128
80
110
65
55
130
110
85
95
75
70
175
135
166
154
120
185
123
77
160
110
85
148
125
110
8 900
8 900
215
44 000
39 000
148
8 275
3 275
180
24 075
24 075
165
3 067
3 067
140
124
90
166
139
103
135
112
66
144
110
85
107
100
90
4 100
68
85
75
70
70
70
125
105
75
125
135
85
125
125
80
130
130
130
70
75
73
90
68
110
68
110
68
NELSON MANDELA BAY MUNICIPALITY
CENTRAL/PARK DRIVE
B
8 388
Total
8 388
GREENACRES
P
4 287
A
18 474
B
48 416
C
747
Total
71 924
NEWTON PARK
P
16 621
A
967
B
3 514
Total
21 102
WALMER/FAIRVIEW
A
19 927
B
3 011
Total
22 938
1 485
1 485
100
403
7 316
7 819
1 600
1 307
2 907
5 395
244
5 639
17,7%
18,9%
11,7%
7,1%
17,7%
18,9%
11,7%
7,1%
2,3%
2,2%
15,1%
0,0%
2,8%
3,8%
15,4%
0,0%
0,0%
3,9%
13,9%
0,0%
0,0%
7,8%
13,9%
0,0%
10,9%
11,5%
11,5%
12,1%
9,6%
0,0%
37,2%
9,6%
0,0%
28,7%
9,6%
0,0%
28,7%
9,6%
0,0%
28,7%
13,8%
12,4%
12,4%
12,4%
27,1%
8,1%
31,0%
32,3%
32,0%
7,3%
30,6%
7,3%
24,6%
31,3%
27,0%
25,7%
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21
OFFICE VACANCY REPORT
Q2 - June 2016
Notes To The Sapoa Office Vacancy
Area Descriptions
Definitions
SAPOA CONTAC T DE TAILS • T: 011 883 0679 • F: 011 883 0684
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22
OFFICE VACANCY REPORT
Q2 - June 2016
SAPOA CONTAC T DE TAILS • T: 011 883 0679 • F: 011 883 0684
Email: [email protected] • Web: www.sapoa.org.za
23
OFFICE VACANCY REPORT
Q2 - June 2016
SAPOA CONTAC T DE TAILS • T: 011 883 0679 • F: 011 883 0684
Email: [email protected] • Web: www.sapoa.org.za
24
OFFICE VACANCY REPORT
Q2 - June 2016
About MSCI
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SAPOA REGIONAL COUNCILS
Mpumalanga
Regional Chairperson: James Aling
Secretariat: Samantha le Grange
Tel / Fax: 013 741 1305
Cell: 073 363 9694
E-mail: [email protected]
Physical Address:
999 Eugene Marais Street,
70 Park Acres,
Nelspruit 1201
Eastern Cape Provincial Council
Buffalo City
Dept of Public Works: Ms Zoe Chagadam
a
Secretariat: Glynis Heger
Tel: +27 43 748 1156
Fax: 086 515 8553
E-mail: [email protected]
Physical Address:
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21 Pell Street,
Beacon Bay 5241
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Secretariat: Naadirah Valli
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Email: [email protected]
Physical Address:
Hunts End Office Park,
36 Wierda Road West,
Wierda Valley, Sandton
Eastern Cape Provincial Council
Port Elizabeth
Regional Chairperson: Mark Bakker
Secretariat: Paul Nicolson
Tel: 041 373 3662
Cell: 082 414 3878
Facsimile: 086 528 1750
E-mail: [email protected]
Physical Address:
8 Ascot Road, Mill Park,
Port Elizabeth, 6001
Western Cape Provincial Council
Mrs Refqah Fataar Ho-Yee:
Smith Tabata Buchanan Boyes
Tel: 021 447 3356
Fax: 086 519 7536
Physical Address: 2nd Floor,
The Old Warehouse Building,
Black River Office Park,
2 Fir Street, Observatory,
(SAPOA Western Cape is
open mornings only)
Limpopo Provincial Council
Regional Chairperson: Sumari de Ridder
General Manager: Sumari de Ridder
MALL OF THE NORTH
Tel: 015 265 1026
Fax: 015 265 1070
Cell: 082 749 6329
E-mail:[email protected]
Postal Address:
Postnet Suite #502,
Private Bag X9706,
Polokwane, 0700
KwaZulu Natal Provincial Council
Regional Chairperson:
Edwin van Niekerk
Secretariat: Helen Seymour
Cell: 082 873 0090
Fax: 086 231 2068
E-mail:
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OFFICE VACANCY REPORT
Q2 - June 2016
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