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.