Property group forced to cut rentals to tenants as sector headache persists.
Despite JSE-listed Redefine Properties punting the SA commercial property market being in the midst of a turnaround during its annual results presentation on Monday, it seems its office sector headache is far from over.
Redefine's rent reversions for its R21.5 billion local office portfolio for FY2024 worsened to -13.9%, from -12.1% in FY2023. This means it continues to cut office rents to retain tenants, with SA's broader office market still in a glut and overall national office vacancies remaining in the double digits.
The property giant did report a slightly better office occupancy rate of 88.8% (versus 88.6% last year).
Put differently, its office vacancy for FY2024 came in at 11.2%, which nevertheless is below the national office vacancy rate of around 14%.
During the results presentation, Redefine's chief operating officer Leon Kok and CFO Ntobeko Nyawo were both frank about the office market still being challenging.
ãã®èšäºã¯ The Citizen ã® November 06, 2024 çã«æ²èŒãããŠããŸãã
7 æ¥éã® Magzter GOLD ç¡æãã©ã€ã¢ã«ãéå§ããŠãäœåãã®å³éžããããã¬ãã¢ã ã¹ããŒãªãŒã9,000 以äžã®éèªãæ°èã«ã¢ã¯ã»ã¹ããŠãã ããã
ãã§ã«è³Œèªè ã§ã ?  ãµã€ã³ã€ã³
ãã®èšäºã¯ The Citizen ã® November 06, 2024 çã«æ²èŒãããŠããŸãã
7 æ¥éã® Magzter GOLD ç¡æãã©ã€ã¢ã«ãéå§ããŠãäœåãã®å³éžããããã¬ãã¢ã ã¹ããŒãªãŒã9,000 以äžã®éèªãæ°èã«ã¢ã¯ã»ã¹ããŠãã ããã
ãã§ã«è³Œèªè ã§ã? ãµã€ã³ã€ã³
Supporting local businesses
ENTREPRENEUR BELIEVES ONE HAS TO 'WRITE YOUR OWN STORY IF YOU WANT GLORY'
North-south gap shrinking
South African teams playing in the United Rugby Championship (URC) and European cup competition may be helping the previously large divide between the north and south shrink.
Proteas must 'reverse' form
The Proteas will be looking to reverse their recent poor T20I form when they take on India in a four-game series getting under way at Kingsmead in Durban tomorrow night.
HUNGRY TO PLAY
The strong Sharks centre may get a rare chance to start for the Springboks again in Edinburgh.
Jose puts team before records
Having achieved what Jose Riveiro (above) has in such a short space of time, one could be forgiven for gloating, but the Orlando Pirates coach says he is more concerned about achieving team targets than breaking records.
Ruan will cash in on his chance
Springbok lock Ruan Nortje is living his dream and loving every minute of being involved with the world champions.
Sundowns stay on Pirates' tail
Rising youngster Kutlwano Letlhaku scored a brace as Mamelodi Sundowns recorded a 2-0 win over Polokwane City in a Betway Premiership match at Loftus Versfeld last night.
Osimhen is a threat to Spurs
Tottenham Hotspur will be bidding to maintain their perfect start in the Europa League this season when they head to the cauldron of Istanbul today to face a Galatasaray side spearheaded by loan star Victor Osimhen (above).
Alonso calls Reds the 'complete team'
Bayer Leverkusen coach Xabi Alonso hailed Liverpool's quality after the German champions were blown away in the second-half of a 4-0 loss at Anfield in the Champions League on Tuesday.
No 'guarantee' of United success
Ruben Amorim insisted Sporting Lisbon's stunning 4-1 rout of Manchester City in the Champions League does not guarantee he will be able to make an immediate impact at Manchester United.