First published on Moneyweb
The large-scale office developments in Sandton are set to bolster the area’s status as the richest financial hub in Africa, but the residential property market is also expected to benefit from the relocation of corporates.
After five years of zero development, a number of luxury apartments are springing up in Sandton, luring locals as well as buyers from oil-rich African countries.
In the last five years, corporates have been relocating to Sandton as the preferred business address, which has created renewed demand for luxury apartments.
Figures from real estate consultant Jones Lang LaSalle South Africa (JLL) suggest that Sandton’s current office supply amounts to 1.5 million square metres. After the completion of all construction, JLL notes that Sandton’s office supply will increase to 1.9 million square metres over the next four years.
Discovery, Webber Wentzel, Sanlam and Old Mutual Emerging Markets are some of the corporates that have set up offices in Sandton.
