Q3 2019 Johannesburg Office Market Report
Q3 brought a slight uptick in Johannesburg office activity with YoY grade-A rentals growing a nominal 2% following a decline during the first half of the year, with pressures of oversupply remaining high. A slight improvement in the city’s office vacancy rate, compared to the previous quarter, brings it to 12.2%. Vacancy rates in nodes like Illovo, Midrand, Sandton and Sunninghill, however, remain near their multi-year highs. Market growth in certain nodes is due to tenants upgrading from grade-B to grade-A space to take advantage of more negotiable rentals.
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