Waterfall Office Vacancy Rates Point to Popular Growth Area
Vacancy rates across Johannesburg tell a story about an excess of office space and low economic growth. One of the few exceptions to this is Waterfall, just south of Midrand, with a vacancy rate of just 4,2% according the SAPOA office vacancy report www.sapoa.org.za/media/5369/ovs-q4-sept-2019.pdf”>
Compared to the 17,2 % vacancy rate in Midrand overall, it’s clear that there is good demand for Waterfall office space.
Waterfall is the newest growth node in Johannesburg and, its developers claim, the largest property development in South Africa’s history. Home to Mall of Africa, South Africa’s largest single-phase shopping mall, as well as the PWC high rise office building, it’s hard to believe that a few short years ago, all of this was open land.
Waterfall offers an attractive combination of factors for businesses: easy access via the M1, extensive residential developments to suit a range of budgets, two schools, a Netcare hospital, and of course plenty of shopping choices. Being a recent development, available office space is new. For those who want to live, work and play in one convenient area, Waterfall is hugely appealing.
Because the land at Waterfall is held in trust by the Waterfall Islamic Institute, all developments are on a 99-year leasehold, relatively unusual in South Africa. This does not appear to have put off buyers and investors, and we predict that Waterfall will continue to put pressure on other office nodes such as the Sandton CBD (15,9% vacancy rates in Q4 of 2019) and Sunninghill (17,4%).
If you are looking for 300 square meters or more of office space, and you need help to find the perfect space for your company, consider giving Commercial Exchange a call at 011 467 7870 or mail [email protected] .