DEMAND FOR PROPERTY
Companies look at converting offices to residences
Other funds could follow Emira Property Fund’s plan to convert some Rosebank offices into residential buildings
Office vacancies remain static, which may prompt more companies to convert some of their offices into residential or other property types. Emira Property Fund intends to convert some of its office buildings in Rosebank into residential buildings. Other funds could soon follow suit. The South African Property Owners Association (Sapoa) reported a national office vacancy rate of 11.1% at the end of the first quarter of 2017. "A significant factor driving the excess demand has been the amount of space left behind by large corporations which have consolidated into larger offices. This backfill risk has already contributed to an increased vacancy rate in certain nodes with the potential for more as several large development projects come on line in the short term," Sapoa said. The likes of Discovery, law form Webber Wentzel, consulting and accounting advisory PwC and Redefine Properties have all moved into larger premises or announced that they will. Areas such as Rivonia, Sunninghill, W...
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