The growth in the property market is going to come from smaller offices and sectional title offices, with purchase figures of around R1. 5 million to R2 million being the median price, said Org Geldenhuys, managing director of property management and development company, Abacus DIVISIONS.
“This domain is the domain of the owner/occupier who, until very recently, had been sitting on his or her money. The current signs coming into the marketplace is that there is a flicker of an uptick in the commercial property sector, with this charge being lead by owner occupiers looking at small office space deals.
“Here we are looking at deals in the R1.5 million to R2 million price ranges, with offices ranging from 120 s/m to 200 s/m. Abacus DIVISIONS has first-hand knowledge of this after selling all the stands for a recently launched boutique office Park in Irene, called Quattro Fontane.” Geldenhuys added that his company is seeing a lot more enquires for smaller office space and sectional titles. “We are seeing a far bigger demand for this than a few months ago. It is, without a doubt, a positive sign – and, in our opinion, a sure sign of things to come in the office market.’’
Owner occupiers are coming out of hibernation
“This is what we are seeing on the ground. And this is where the market rebirth will come from- from the owner/occupier fraternity who have now come out of hibernation and are looking to invest their own cash…..cash they have been sitting on during the worldwide recession and the slump in the local property market.”