Sandton Central - with its modern architecture, towering skyscrapers and numerous green spaces - is a bustling business and commercial district in Johannesburg, Gauteng. It is home to some of the largest and most prestigious companies in South Africa, as well as numerous high-end shopping malls, hotels and eateries. Landmarks include the iconic Sandton City shopping mall and the Johannesburg Stock Exchange building.
Like so many other commercial office nodes in South Africa, the Sandton Central office market continues to feel the effects of COVID-19. Vacancy rates have since stabilised and we expect to see this market recover slowly to pre-COVID-19 levels.
Opportunities exist for both landlords and tenants alike. Landlords who choose to enhance their buildings - by incorporating attractive workplace strategy elements in common areas that will appeal to tenants' staff - will benefit from reduced vacancies. Tenants who require premises that range from 250 m2 2 to 1,000 m2 are currently able to use the oversupply in this sized market to negotiate improved lease terms, as evidenced in the graphs below.
