All the makings
Jonathan Klopper, property broker at Broll Property Group, says demand among prospective tenants and developers is building after a dip in 2011.
“While it is difficult to predict uptake going forward, amid fears of a second-dip recession or a long period of sideways movement in rentals, recent developments seem to be rewarding Bryanston’s optimal mix of infrastructure, access and upmarket appeal.”
The area features easy access from Sandton and the northern and western suburbs, via major arterial roads, highways and the Gautrain bus route.
The recent upgrade and widening of the William Nicol Interchange has improved traffic flow, and the presence of CCTV, variable messaging signs and incident management services ensures greater safety and traffic management.
Bryanston currently has 560 000 m² of office space, with more land available for development. These pockets already have the relevant zoning, services and electricity.
The Sloane precinct ensures high standards of neatness, control and maintenance throughout the node. Lifestyle and shopping developments further enhance the appeal of this sought-after office park cluster.
Whereas 2011 saw an over-supply of offices, putting downward pressure on rentals (R100/m² for A-grade space versus the high of R115/ m² in 2008), 2012 has again seen a slow increase in demand for A-grade and prime offices. Currently, A-grade rentals average at R110/ m², with an average vacancy rate of 9% (10.5% in 2011).
Driving development
With land at the ready, developers are waiting for tenants to drive developments. But demand is slowly increasing, Klopper stresses.
“And signs are that it will hold steady in the future. Prospective tenants are moving from Sandton to Bryanston to avoid traffic congestion, and smaller users from Sunninghill and Rivonia are moving to Bryanston as it is deemed a more upmarket node with better accessibility and infrastructure,” he says.
Large development companies that own land in Bryanston include Zenprop, Tiber, Stratford Property Ventures and Barrow.
