The current office market conditions in Sandton, in Johannesburg, are positive and are expected to continue in this vein for the foreseeable future, given the large amount of refurbishments and new developments in the area.
This was according to property services company JHI Project Management project manager Beukes van Heerden, who was recently involved with the refurbishment of Sandton office buildings, Norwich Place and The Forum office complex, which are owned by financial services groups Sanlam and asset managed by property company Vukile Property Fund.
He notes that the refurbishments will ensure the long-term viability and competitiveness of commercial property in the Sandton office market.
Despite a competitive trading environment, he states that Sandton remains a prime hub and is highly sought-after by corporate tenants who seek a prominent address in this central and convenient location.
“However, with an increase of highly appealing P-Grade and A-Grade stock on the market in the area, enhancing and protecting rental income over the medium- to long-term for improved return on investment is a priority among property owners, particularly with existing B-Grade and A-Grade buildings, to realign them with market conditions and expectations,” Van Heerden says.
The upgrade and extension of Norwich Place included the extension of offices by 1 417 m2, the addition of 283 parking bays to the existing 421 parking bays, a new parking deck structure, the upgrade of the central entrance and lift lobby, a modern façade treatment for existing buildings and an improved air-conditioning system.
The building also received an upgrade to its electrical and mechanical systems.
The extensive upgrade of The Forum was needed to allow the building to compete with other office complexes that have been developed in the catchment area.
The scope of the work included upgrading the main entrance at the reception area; the refurbishment of the lobby areas, including the floors, ceiling and lights; the refurbishment of the bathrooms; the painting of the external façade of the building and a new security system. Green energy-saving measures were also implemented where possible.