The winds of change are blowing in Sandton, Africa’s “richest square mile” covering more than 130km2 of premium (P) grade high-rise office blocks and home to corporate headquarters including the Johannesburg Stock Exchange (JSE) – the continent’s largest bourse.
The Covid-19 crisis has dented the sector and fast-tracked SA Corporate Real Estate Limited’s (SAC) exit from real estate focussing on premium office spaces. Excess supply, which predates the pandemic, has strengthened the real estate investment trust’s (REIT) scepticism about the office market.
“While no one can forecast the future, the office as we know it today is going to evolve,” says Rory Mackey, CEO of SAC, a JSE-listed REIT.
“I don’t believe it’s going to be as dominant as it was in the past.”
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