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Recent deals include ABSA Barclays having taken 14,000m² in Bridgepark, Century City – which outperformed all other nodes
Highlights from this report:
- Investor confidence showed improvement in Q3 2015 from the first half of the year with the majority of new developments being speculative in nature.
- The overall vacancy rate increased slightly to 9.0% in Q3 2015. However, recent activity will see a reduction in the next quarter’s vacancy figures once tenants, who have just finalised leases, have physically moved.
- Grade A accommodation recorded an average 6.4% y/y increase in gross rental rates, with Century City outperforming other nodes. The growing interest of corporates may see a continuation of increasing rental rates in the coming year.
Authors:
- Dave Russell – Director (leasing), Baker Street Properties, Cape Town
- Zandile Makhoba, Head: Research, JLL South Africa
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