Monday, October 11, 2010

Increase In Vacant Office Space


Vacant office space increased during the third quarter of 2010.

A total of 1,4 million m² of office space was vacant country-wide during the third quarter of 2010 according to latest office vacancy index, issued by the South African Property Owners Association (SAPOA).

This had increased to a total of 1 403 763 m² from 1 263 641 m² recorded in the second quarter of 2010 which represented a vacancy factor of 9.7 percent, compared with 8.8 percent in the second quarter.

Experts are estimating that the position is likely to deteriorate further as there is still some 500 000 m² currently under construction which represents about 3 percent of all office space.

Edwin Rode, Property Valuator and Economist, said that the demand for additional office space depended on the confidence level in the recovery of the economy. This could take one or two quarters said Anton de Goede, Property Portfolio Manager of Coronation.

Pieter Rautenbach

CONSULT YOUR ASSOCIATION.
WE ARE HERE TO HELP YOU !

No comments: