Property developers get behind SA’s office-to-flat conversion space

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South Africa Headlines News

Industry players are finding new uses for empty office space, which has reached alarming proportions across SA’s major business hubs.

If you add together all the office buildings in Sandton and Cape Town’s CBD — two of SA’s largest business nodes — the total rentable floor space comes to a hefty 3-million square metres. That’s exactly how many square metres of offices are currently standing empty across the country.

This unused space has pushed the official office vacancy rate to a record 16% for December, according to the most recent quarterly office vacancy survey by the SA Property Owners Association . That’s up from 11.6% in the pre-Covid days of March 2020, and 100 basis points above the previous high of 15% in 2003...

Source: News Formal (newsformal.com)

 

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