According to Bradley Martin, a trustee from the R2 billion Route 21 Corporate Park office park development in Irene, maintains that "a number speculators at the office park started to build in January – without signing any tenants. Five of these developers are now reaping the benefits. The buildings are finished and they are almost completely rented out".

“This is perhaps a sign that the property market is turning the corner. But at the time they commenced building – without the prospect of any tenants – it could have been seen as a big risk. But this is certainly a good sign.”

Martin said phase two of the R2 billion Route 21 office park development is “proceeding well”.

“The Irene area is being developed rapidly and is going to become an important business hub, on the same level as Centurion – which, over the years, has grown in size and importance,” said Martin“

Martin said despite a quiet period during the world soccer cup – and a slightly muted sentiment towards property – there has been a strong growth in rental demand at Route 21.

“I think this is one of the reasons why several speculators have jumped in – and are now reaping the benefits.”

At Route 21  developers and owners are seeing gross rentals, for the first time, coming close to the magical R 100.00 per square metre national average for ‘A’ grade offices with many thousands of square meters signed up at R 95 per square metre. 

The park still has a very low vacancy rate of between 1.5% and 5% at any given time.  “This factor - linked with our desirability as a business location and the current onerous financial requirements from banks for new developments -will ensure that vacancies remain low and rental demand will remain high for the foreseeable future.”