Following the completion of various property developments, Sandton will soon offer the largest stock of office space in the country, set to be in excess of 1,7-million square metres.
Many expect this to grow to 1,9-million in the next three years pushing Sandton ahead of downtown Johannesburg in terms of commercial office space.
Despite the development of current and scheduled commercial property, over the past year vacancies in Sandton have risen, and by no small amount. In fact, a report released recently stated that national office vacancies are at a nine-year high, with many claiming that Sandton is responsible for the bulk of such increased vacancy figures.
Experts believe this is due to more cost effective options elsewhere and a wider choice of quality buildings in other nodes. However, one of the largest factors contributing to this appears to be the lack of flexible and fully serviced office space.
A trend that emerged in the US during the recession, that of the demand for more flexible, shared and serviced office space, has been threatening to enter the local market for some time with many commercial property owners now feeling its presence in Sandton. Although commercial rental options in the area are increasing following the development boom, financial constraints and a new requirement for access to resources is driving businesses to become more demanding in the type of office space they require, particularly SMEs.
A new commercial development about to launch in Sandton, introducing packaged resources not seen before in South Africa, has been designed around meeting the increased demand of commercial rental flexibility from businesses.
Situated in the previous Cell C Head Office at 150 Rivonia Road, The Business Exchange offers both local and international businesses fully serviced and flexible office space, while providing complete access to marketing, digital and public relations services.