Prime corporate headquarters in SA, at R76/m²/month (US$/ft²/year), are now renting at less than 5% of the same quality offices in London, at R1 469/m²/month (146/ft²/year). This is according to the latest global office survey by international property service company CB Richard Ellis. (Rents in the US and UK are quoted in square feet by the year.)

Johannesburg rents have continued to fall since the Richard Ellis research late last year. And there is talk of tenants striking deals on new A-grade offices as low as R65/m².

Two years ago, the same SA offices, at R75/m²/month (12/ft²/year) were 11% of London's at R832 (133). London rents then rose to $166 before falling by 12% from the middle of last year, says Richard Ellis.

The good news is that more multinationals searching for low-cost locations for their back offices could be attracted here, says property economist Francois Viruly: 'Lufthansa has placed its global call centre in Cape Town.'

But he warns that rent is not the only factor. Cost-competitive skilled labour, a good quality of life and a friendly fiscal environment are also important.

Financial Mail