Upturn in office property market

10 May 2006

Growing confidence in the office market at present is resulting in a decline in vacancies and an upturn in demand for office space.

A number of new office developments are currently under construction that will be brought to the market for sale or lease.

"There is growing confidence in the office market at the moment and we expect these new developments to be well received," says Barrow Properties' Paul Barrow.

"Vacancies continue to decline, the interest rate regime is benign and the market is still playing catch up with previous slow growth, so the strong cyclical upturn in demand for office space is still very much in evidence.

"Moreover, it's becoming more difficult to acquire zoned land so there is less stock coming onto the market than during previous upturns.

"Given these and other factors we see the need for good office space for both the sale and lease ends of the market.

"Accordingly, in the pipeline for the lease market we have two buildings coming on stream, totaling 2000 square metres, at Woodmead Country Club Estate, Parc Nicol's eighth and final building in Bryanston with 900 square metres and the 4500 square metre Georgian Crescent, on a landmark site in Bryanston.

"Also, there is Thornhill office Park phase 3 in Bekker Road, Midrand comprising four buildings of approximately 900 square metres each, for sale or lease.

"At the up-market Melrose Arch development where we are bringing 20 000 square metres of Sectional Title space on line, sales are going well. We therefore have significant amounts of stock coming on stream towards the end of the year and early in 2007 and we have been careful to structure our offering to cater for a good spread of pricing, both on the lease and sale sides.

"The appeal of all these developments is prestige accommodation, a prime address and strong branding, thus ensuring that we meet current needs."

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