Office Development Trends to Watch for the Next Three Years
Because of the economic slowdown in South Africa, tenants can look forward to competitive prices for rented office space. That being said, revamped office blocks that are perfectly located and cater to the needs of tenants are in demand and although competitively priced, higher rental prices can be asked for such spaces. Despite the fact that office rental growth is mediocre at present, companies that go the extra mile to retain their current tenants, whilst also focussing on aspects of green building and meeting the demand for open office spaces, can expect to gain new tenants and maintain their competitive edge.
Redefine proactively took steps to improve the company’s property portfolio by buying commercial properties in sought-after business nodes, revamping the buildings and improving the facilities available. These steps have placed Redefine in a solid position to offer a wider range of well-developed and centrally located office space for rent to business clients.
Acknowledging the need for serviced offices to rent in the right location and with optimal usage of space per employee, the company has also taken steps to create office spaces that make provision for open-plan work environments. With the international pressure on more sustainable buildings and work environments, more companies follow in Redefine’s footsteps to focus on obtaining the 4-star Green Star SA rating from the GBCSA for their buildings. Ninety on Grayston – or 90 Grayston, as the building is better known – is located in Sandton and is a 4-star Green Star SA building. It is evidence of Redefine’s commitment to the development of sustainable buildings and work environments.
The company’s attention shift to popular business nodes and our commitment to upgrading of the office space available for rent is also visible in Cape Town where The Towers building has undergone a transformation to ensure sustainability. With the glazed system on the building’s facades, cooling demand is reduced significantly. In turn, this means lower energy usage, but in future, tenants may benefit even more as Redefine is considering solar panels for additional savings in energy usage for this building. Add to this the energy-efficient light system that includes automatic switching off in areas that are not in use, and one can understand why companies want to rent space in The Towers.
According to recent studies, greening of the office environment also improves productivity. Employees working in well-ventilated offices and environments with reduced pollutants also fare better in decision-making in response to crisis management when compared to those employees working in more conventional office environments.
Redefine’s commitment to sustainable buildings is in line with global trend towards the greening of office blocks. It is expected that that greening projects will double within the next two years. Companies looking for green office space for rent will appreciate the fact that South Africa is among the top performers in this regard. As such, more office environments will be flexible, open and energy-efficient, and will provide healthier workspaces in the next few years.
The GBCSA, has been quoted in news reports as saying that South Africa is expected to maintain its leadership position in greening projects by 2018. This is particularly impressive since most of the companies in the country do so out of principle rather than being forced by law.
Office spaces such as that offered at 90 Grayston and The Towers will eventually become far more popular than conventional offices. Another trend in office space rentals to watch is the desire for central and prestigious addresses. Evidence indicating that more than 50% of office block development happens in Sandton supports this view.