Office landlords are having to pull rabbits out of hats to attract tenants
Office landlords have had to be creative to attract tenants, with stagnant demand for space given the slow economic growth in SA. Office owners are trying all kinds of initiatives to get tenants to sign contracts, including offering one or two years’ rent free and contributing to tenants’ fit-outs. Emira Property Fund, which released financial results for the year to June on Wednesday, said it had granted certain tenants rent breaks during its latest financial year, in order to keep them. "We’d rather try to help good tenants stay. They may have a temporary problem with cash flow but could have been a reliable rent payer in the past," said Ulana van Biljon, chief operating officer at Emira. Private landlord Africrest has developed a shared ownership model with tenants. CEO Justin Blend said he devised a tenant partnership model that was popular among tenants who wanted to have ownership in their buildings. This model allowed tenants to enter joint ventures with Africrest to purchase...
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