Property giant Growthpoint says 25% of its Sandton offices are empty as vacancies soar

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One of Growthpoint's office properties in Sandton is Grayston Office Park.
Photo: Growthpoint Properties.
One of Growthpoint's office properties in Sandton is Grayston Office Park. Photo: Growthpoint Properties.

South Africa's largest listed property group, Growthpoint, is reporting alarming vacancy rates in office properties - especially in Johannesburg. 

The company owns large office buildings like Grayston Park, Inanda Greens, the Discovery headquarters and 12 Alice - with 50% of its portfolio in the greater Johannesburg area. And that's where things are particularly bad. Sandton specifically, which represents 21% of Growthpoint's portfolio, has a 25% office vacancy rate.

Growthpoint SA CEO Estienne de Klerk said Gauteng as a whole was "by far" weaker than Cape Town and Durban.

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