Gensec detects Office Boom in Johannesburg CBD

Gensec reports a boom in the A grade Office sector in the Johannesburg CBD, Gauteng. "In the last six months alone we have concluded more than R30 million capital value in Johannesburg CBD," confirms Kura Chihota, National Leasing Manager, Gensec.

"During the same period we have also received enquiries for over 30

000m2 of prime office space, particularly in the established mining-dominated South Western quarter. Demand is increasing and rentals have firmed from about R39,00m2 in middle of 2005 to upwards of R45,00m2. This shows a growth of 15% in 6 months that subsequently annualised 30% year on year," says Chihota.

The South Africa Property Owners Association (SAPOA) office vacancy report indicates office space vacancies in the Johannesburg CBD to be at a 13% level; down from a peak of 28% in 2000.

"Gensec anticipates strong demand from the government agency sector of the market segment. We have also recently received the mandate to lease and manage the former JCI property portfolio, consisting of the 20 000m2 flagship in 28 Harrison Street, 88 Fox Street and the Consolidated building. This puts us in a strong position to make the above prediction," concludes Marna van der Walt, CEO of Gensec.

Source: eProp - www.eprop.co.za

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