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There is robust demand for corporate accommodation in prime precincts. Despite a cautious outlook, Grade P rental rates continue to see exponential growth, recording a 10% increase y/y. Waterfall Estate continues to outshine other prime nodes in terms of low vacancy rates, closing the year at a vacancy rate of 1.8%. Sandton remains the major contributor to office stock in the region.
With the added competition from Waterfall City, the question is whether the current boom in Rosebank will be sustainable in the medium term, with the increased development activity, high rental rates and low vacancy rates that the node has been enjoying. There is certainly evidence of stability in the market, but looking ahead, general political and economic concerns may hamper future decision-making, pointing to stagnant growth.
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22 March 2017