JHI Real Estate’s broking team served up a storm in 2002 by concluding leasing and investment sales deals with a capitalization value of R676 million, covering 445 165m2 of space.
According to Lin Strauss-Minenza, JHI’s national leasing and sales manager, the leasing and investment markets were strong during 2002, irrespective of the interest rate hikes, which many believed would hamper the property market.
“The Industrial property market performed exceptionally well and as is the norm, the office market is approximately eight months behind.“
She adds that there has been pressure to keep the rentals and escalation rates down, which in turn has given the tenant a strong bargaining position. However, with the industrial market strengthening, together with fairly positive market sentiment at the moment, we will in all likelihood see rentals firming in 2003.
Publisher: JHI Real Estate Limited
Source: JHI Real Estate Limited