Q2 2020 Johannesburg Office Market Report

The pressure of four quarters of economic recession, followed by the blow of Covid-19, is quite obviously weighing on the South African property market. It is considered to be too early to measure the direct effects of Covid-19 on property fundamentals, however there are signs of further weakening within the market. The office market’s existing battle with oversupply will only be exacerbated by the pandemic. Whilst the resulting slowdown in development activity is necessary to regain balance, it will not go far to assist immediate oversupply. A true recovery is likely years away.

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