Q4 2019 Johannesburg Office Market Report

The Johannesburg office market showed some improvement during Q4 with a continued recovery after the poor results earlier in the year. Whilst this seems positive, almost all nodal YoY rental growth fell below the 6% construction-cost inflation which ultimately lowers the feasibility of new developments. Decentralized grade-A rental growth was up 2% from the previous quarter to 4%, however, B and C grade offices were generally hardest hit by the lower levels of demand since occupiers are able to secure competitive rates for better quality space.

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