SA’s ‘Golden Triangle’ of prime office space

SA’s ‘Golden Triangle’ of prime office space

Original Source: Sunday Times Neighbourhood (Kwazulu Natal)

SA’s ‘Golden Triangle’ of prime office space South Africa’s prime office locations are linked by a golden triangle from Umhlanga/La Lucia in KwaZulu-Natal across to Sandton’s CBD in Gauteng and down to the Western Cape’s Century City. The latest office market reports released by Broll Property Group, brings these three locations into sharp focus.

Sandton continues to reflect positive, albeit slower, demand for prime office space. It’s becoming increasingly hard, however, for those seeking premium grade office space for their businesses to ignore the advantages offered in the Century City and Umhlanga/La Lucia nodes, comments Broll in its reports. Century City’s comprehensive perimeter security fencing, eco-friendly landscape, smooth integration into the Cape Town transport system, and a wide range of amenities, have secured the attention of large corporate tenants.

This includes businesses in professional services, consulting, engineering, IT, marketing, financial services and the advertising and media sector.

According to Broll’s Century City Office Market report, vacancies currently sit at 8%. By contrast, Umhlanga/La Lucia has an average vacancy rate of 5%, with Sandton at 16%.

The Umhlanga/La Lucia node presents a contrasting environment to both Century City and Sandton. There’s enormous development in Umhlanga Ridgeside, New Town Centre as well as in neighbouring Cornubia and the Sibaya Precinct to the north, all of which open fresh opportunities for tenants and landlords alike. Century City and Umhlanga/La Lucia are riding high as is evident in the high quality of new office space and associated amenities coming online in these competing regions. However, Sandton’s oversupply and the resulting pressure on rentals have sparked an innovation trend, says Broll, with the addition of quality mixed-used projects.

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