SOUTH Africa’s biggest landlords are still cutting rents to keep and attract tenants as they battle vacancies post the Covid-19 pandemic, which are at an all-time high. The South African Property Owners Association (Sapoa) Q3 Office Vacancy Report finds that the overall vacancy rate was 16.4%, a slight improvement from the worst-ever level of 16.7% in Q2.
Data compiled by Moneyweb shows that Growth Point and Redefine are signing leases, whether new or renewals, at rents that are double-digit percentages lower than previous ones. These two listed real estate investment trusts (Reits) are among the largest landlords in the country. Growth Point has 1.65 million square meters of office space, while Redefine has 1.1 million. moneyweb.co.za