Emira Property Fund expects competition to either retain or attract new tenants, to persist among landlords, resulting in negative rental reversions where leases are renewed at lower rates.
Its negative rental reversions were at 12% in the four months to end-October, slightly better than 14% at the end of June, when the fund reported its year-end results. Rent remissions provided to tenants affected by lockdown restrictions as a result of third wave were R1.9m, from R33.60m in June. The office portfolio accounts for 31% of Emira’s directly held assets, while retail accounts for 49% and industrial 18%.
“The catalyst for change in the sector is economic growth, which will improve business confidence and result in the investment and an expansion of businesses, ultimately increasing the demand for space,” the company said.
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