Gauteng office market could take five years to recover, say property experts
Cape Town and Durban show signs of bouncing back
20 March 2022 - 08:44
Gauteng’s office market, battered by remote working and high vacancies due to a weak economy and oversupply dating from before the pandemic, could take up to five years to recover, say experts — but markets in Cape Town and Durban are in better shape.
Reporting results for the six months ended December 31, Growthpoint Properties, SA’s largest listed property company, said its office vacancy rate had hit 21.2%, but appeared to be levelling off with more tenants returning...
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