Growthpoint Properties, a bellwether of SA’s commercial real estate market, said on Thursday the office market deteriorated in the three months to end-September, with vacancies hitting a fresh high at 20.9%.

The effect of the Covid-19 pandemic on the economy means that smaller tenants cannot afford their space and need to downsize, Growthpoint said in a statement. Others are reluctant to commit to long-term leases as they are uncertain about their future space requirements or cash flows...