The vacancy rate is the norm for listed property companies' underlying fixed property portfolios. Most market commentators say the office property market is improving, and with that comes increased rentals.

Some years ago, overzealous developers went on an office building binge, particularly in greater Johannesburg. In a sluggish economy there was a growing oversupply and many of the listed property companies with large exposures to offices felt the pain. But in a vibrant economy, businesses are again looking to expand their offices and new businesses are looking for space.

Growthpoint chairman Sam Hackner illustrates the strengthening position of office landlords perfectly. He related how quickly a tenant changed his mind about accepting a steep increase in rental when the scarcity of office space and the cost of moving became apparent.

With offices making up a sizeable chunk of Growthpoint's portfolio, the company has reason to be confident about its prospects.