Sandton is still a vibrant property node, Estienne de Klerk, the South African CEO of Growthpoint Properties, said this week. Growthpoint is a JSE-listed real estate investment trust.
“There’s also an urban legend that Sandton has been written off as an office node, which I can promise you is not the case,” he said.
De Klerk says what makes Sandton, which has the status as Africa’s leading financial district, more complex is that knowledge-based businesses occupy this node. This includes banks, lawyers, audit firms, asset managers, and financial advisers, among others, he explained. The office letting market is very competitive, with some corporates sub-letting their space in an effort to reduce costs. Compared to its investors, Growthpoint has the biggest office portfolio in Sandton at roughly 360 000 square metres,…