ApexHi leasing deals exceed R1-billion in twelve months

Posted On Tuesday, 25 July 2006 02:00 Published by eProp Commercial Property News
Rate this item
(0 votes)

ApexHi Properties Limited has concluded leasing deals valued at R1-billion, covering a total of 460,000m² of space, in the twelve months to end June 2006.

David RiceLeases covering 443,320m2 expired during the year, while total lettings of 458,657m2 were concluded, resulting in a decrease in vacancies of 15,337m2, reducing vacancies from 11,2% to 9,5% of the portfolio.

Renewals on 302,084m² valued at R611,813,870 were achieved, and new leases were concluded on 156,573m² valued at R453,473,973.

ApexHi managing director, David Rice says the number of new leases being concluded is increasing year on year. In 2005, new leases on 115,715m2 were concluded, which accounted for 26% of total lettings. This year’s figure of 156,573m2 accounts for 34% of the total lettings. “While our primary strategy is to retain tenants, it is comforting to see that the increasing quality of the core portfolio is attracting new tenants,” says Rice.

Rice adds that ApexHi is signing new leases and renewing existing leases at higher rates. “We recorded a 27,5% increase in average rentals from R31.33/m2 in 2005, compared to R39.97/m2 for the period under review,” he says.

A total of 1,411 leases were signed between July 2006 and June 2006. “Our leasing team has been extremely busy, signing an average of five leases a day,” he says.

ApexHi’s strategy to focus on the tenant rather than the location is paying off. The company considers several factors before acquiring a property, such as type of tenant (A-grade), length of lease and likelihood of renewal.


Publisher: ApexHi Properties
Source: ApexHi Properties

Last modified on Tuesday, 06 May 2014 09:53

Most Popular

GMI Property Group adds a New Mall to its Stable: Bronkhorstspruit Mall

Jul 21, 2022
GMI Properties Group announces the development of the much-anticipated Bronkhorstspruit…

Equites Property Fund and Mabel conclude B-BBEE transaction

Jul 21, 2022
Andrea Taverna-Turisan
The JSE listed specialist logistics property fund, Equites, today officially announced…

The growing take-away and fast food, and food delivery, culture

Jul 20, 2022
Restaurant and Take-Aways data for May 2022
Restaurant and Take-Aways data for May 2022 points to “solid but slowing” growth in…

Broad commercial property market softening expected due to ongoing and more rapid rate of interest rate hiking

Jul 21, 2022
Default Image
The still-bigger 75 basis point hike announced this afternoon, after the previous 125…

The rapidly rising cost of living is reflecting in residential rentals

Jul 21, 2022
TPN Graph-Rental Demand
Demand for residential rental properties saw some recovery in the first quarter of 2022…

Please publish modules in offcanvas position.