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The office property market, characterised by high vacancies and oversupply, is starting to see a slight improvement as demand for space in Cape Town is starting to pick up when compared to Johannesburg.

For the second quarter of 2022, gross market rentals for decentralised A-grade offices (outside CBDs) nationally fell 1% in nominal terms, according to the Rode Report. Vacancy rates improved slightly to 14,2% from 14,7% in the first quarter of 2022. ..

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