Lock in property value opportunities, corporates urged

Posted On Monday, 16 August 2004 02:00 Published by
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Corporate space users need to act now to lock in current value opportunities, says Michael Schirnig, head of Corporate Real Estate Services at Old Mutual Properties.

Corporate space users need to act now to lock in current value opportunities, says Michael Schirnig, head of Corporate Real Estate Services at Old Mutual Properties.

“Significant up-takes in business premises in Sandton as firms take advantage of the relatively soft market will exert pressure on occupancy costs,” says Schirnig whose division provides strategic and advisory services to business space users.

“Pressure on rentals in Cape Town is not far off, as office supply drops, largely through large chunks of lower grade space being converted to apartments.”

Schirnig says warehouse users have been bemoaning a lack of availability of modern distribution space featuring adequate turning circles and high eaves heights for some time.

“In an environment where markets are bottoming out, if not yet accelerating, occupiers of space need to consider their long-term property objectives and act accordingly now – capitalize on the opportunity for early renewals, lease extensions that lock in value and new leases that feature generous tenant installation allowances and or rent free periods.”

-ends-

ISSUED FOR Old Mutual Properties

BY Michael Kerkhoff & Associates

INQUIRIES Michael Schirnig 021-530-4561

                   Mike Kerkhoff 021-424-5280


Publisher: Old Mutual Properties
Source: Michael Kerkhoff & Associates

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