Braamfontein beats exodus crisis

Posted On Monday, 27 January 2003 10:01 Published by Commercial Property News
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Despite the oversupply of office space, rising vacancies and the well-publicised exodus from the CBD, Braamfontein is holding its own.

Gerald LeissnerThe area has a relatively low vacancy rate of 11,93%, with several major corporates still remaining there.

ApexHi Properties Limited CEO, Gerald Leissner, says Braamfontein's vacancy rate compares favourably with Johannesburg CBD, which is currently at 25,39%, as well as other business districts such as Parktown (21,89%), Rosebank (15,71%), Rivonia (19,11%) and Sandton (15%), as listed in a recent SAPOA Vacancy Survey.

Leissner says public-private partnerships initiatives to maintain and regenerate property values in Braamfontein had created a stable environment.

Broll property manager, John Laws, cites the case of ApexHi-owned Total House, on the corner of Rissik and Smit streets, which two years ago lost two major tenants, leaving it 70% vacant.

'We were faced with a potential crisis, but were able to secure tenants, including a large computer distributor, two government departments, a national trade union, a division of Transnet and Johannesburg City Parks,' says Laws.

Now, two years later, Total House is 98% let to quality tenants with leasing contracts of three to seven years.

It's an outcome which Laws says came because Braamfontein had successfully reinvented itself.

'Total House's success is indicative of Braamfontein's ability to continue to attract quality tenants.

'Total House, and other buildings like it, offer excellent positioning, easy access to city transport, competitive rental prices and a secure and clean environment,' adds Laws.

Last modified on Friday, 16 May 2014 10:23

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