At the retail level, Sycom, which was listed on the JSE in 1986, saw tenant turnovers grow 5,6%, with “foot counts” unchanged, and turnover rental received 26% ahead of budget.

Operating costs were well contained, and cost recoveries were on budget, although the group said it remained concerned about the weak economic climate, and comprehensive provisions had been made for doubtful debts.

More than 6% of Sycom’s portfolio by gross lettable area was renewed or leased, but the vacancy by rental income had increased from 1,7% at the end of March to 4,5% at the end of September.

Sycom still had significant office renewals to conclude.