It will take years to restore the health of Sandton offices - Growthpoint SA CEO

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Estienne de Klerk, CEO of Growthpoint Properties South Africa.
Estienne de Klerk, CEO of Growthpoint Properties South Africa.
Growthpoint Properties

South Africa's biggest listed landlord, Growthpoint Properties says its offices in Sandton Central are now 30% empty. The company hosted an investors' call on Wednesday where it broke down how Sandton contributed to the 22.4% office sector vacancies in its portfolio.

In June 2021, Growthpoint's office vacancies sat at 19.9%. Back then, the company had a more positive outlook, saying that many of its tenants were keen to return to the office. Sandton's office vacancies sat at 25% then. Fast forward to the end of March 2022, it's looking gloomier.

READ | Office vacancies increase as work-from-home uncertainty continues, says Growthpoint

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