Sandton's CBD seems to be getting shinier each year as gleaming glass towers sprout on every corner, but there are concerns about oversupply in the market as other office nodes in Gauteng become equally appealing to businesses. The Sandton CBD has seen a flurry of developments over the past few years as companies and leading law firms moved into the high-rises of South Africa's economic hub. High-profile developments include Discovery's swanky R3.7-billion headquarters on the corner of Rivonia Road and Katherine Street. Discovery Place, in which Discovery has a 15-year lease, is 55% owned by Growthpoint with the balance held by Zenprop. Sasol's futuristic R2-billion development, also on Katherine Street, is owned by the Sasol Pension Fund and Elixir Trust. The Sandton office market had a vacancy rate of 15.9% in the first quarter of 2018, the highest level recorded for the node since 2014, according to real estate consulting firm JLL. The group said the vacancy rate in Sandton had g...
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