A total of R1 billion has been invested in Route 21, leading to the completion of phase one. Phase two is now underway. The corporate park boasts 50 000 square metres of A grade office and prime warehousing space.

Bradley Martin, a trustee from the Route 21 Property Association, said there were “literally no inquiries in the first six months of the year”. “Things were dead. But during the last two months we have seen some interest, some green shoots so to speak, with a number of buildings and stands changing hands.

“The good part is that these investors are not speculators. They are companies or people who believe that the market has bottomed out and that their investment will bear fruit in the next two to three years. This is good news for the commercial property market at large.”

Meanwhile, speakers at this year’s annual Rode Property events issued some harsh predictions for both residential and non-residential markets. According to an on-line report participants debated whether or not the ‘green shoots’ starting to appear in various sectors of the market are “revealing any real indication of an upswing from rock bottom”.

SA’s more conservative banking system – which has weathered the worldwide credit crunch better than most countries – was also discussed, with some participants believing that lending policies should no longer be so tight. Delivering his own annual ‘Prospects for property after the storm’ presentation, property economist Erwin Rode said we are likely to face tough times for a number of years – not just for residential property but for the SA economy in general as it continues to be buffeted by international storms.

On the non-residential side Rode said: ‘The industrial and office boom has clearly been interrupted, and as disposable income will be under pressure for a number of years to come, this will in turn see landlords of shops face the realities of more realistic market rentals for many a line shop or stare at empty space.”

Commenting further, however, Martin said Route 21 Corporate Park remains bullish for the future, saying that there are a lot of businesses who are now indicating that they want to relocate from the Centurion business hub – which has become too congested. “A lot of employees also live in the Pretoria East region – so Route 21 is well-positioned in this regard.”

Route 21 is currently busy with phase two – which involves the development of a further 39 stands. The value of this additional development is estimated to be worth more than R1 billion.

Some of the leading tenants resident at the office park include the likes of Digicore, BAE Systems, Dimension Data, Capitec Bank and Land Rover SA.