Commercial property industry set to improve
Category News
The commercial property sector is set to improve once Covid-19 restrictions are eased and the South African economy has navigated its way through the harshest of the pandemic's impact. The office market has been heavily impacted on, compared to other property sectors; however, the full impact can be understood only once there has been a round of lease renewals over the next 12 to 18 months.
Although the hospitality industry has also been severely impacted by the pandemic, it is difficult to assess the current impact on commercial real estate because of limited data, which, in turn, is limited, owing to a relatively low number of transactions. However, it is expected that the commercial property sector, including the office market and hospitality industry, will improve.
The prime office markets, in Gauteng, KwaZulu-Natal and the Western Cape, have suffered from a sharp supply-demand imbalance, widening vacancy rates and decreasing rents over the past year.
Spire is a performance-driven property group with operations in the major capital regions of South Africa. Our focus is to create sustainable value. Our function is to extract and grow optimum value for property owners and lease clients. Today we have a national portfolio of over 85 commercial properties under our care. These range from single-tenanted industrial units to large, multi-tenanted office blocks and major shopping malls. Our diverse clientele includes single property owners, private equity funds, multi-national corporations and listed property funds.
Spire Property Solutions is a new generation, multi-level property group with operations throughout South Africa. Our focus is property with a purpose. Operationally, Spire will extract and grow optimum value for property owners and lease clients through core services. Spire Property Broking is a solutions driven division focused on leasing and sales for Commercial, Industrial and Retail Properties. With a national team of committed and professional brokers and an extensive network of property owners, investors and tenants
Author: Creamer Media
