SA Property Owners' Association figures show a decline in oversupply in the past nine months in Johannesburg's central business district, Constantia Kloof basin, Hyde Park, Dunkeld, Illovo, Melrose, Waverley, Midrand, Randburg, Woodmead and Parktown.

Declines have also been registered in Pinelands, Cape Town; Umhlanga, La Lucia and Westville in the Durban area; and Pretoria's central business district, Brooklyn, Hatfield, Hillcrest, Lynwood and Pretoria's eastern suburbs.

For owners, developers and investors the obvious implication is that provided they do their homework, they will find that there are excellent niche opportunities.

For tenants, however, it means that something of a landlord's market is likely to emerge in the next 24 months.

"Now is the time to renegotiate leases on the most favourable terms possible," says Luntz.