Leading SA owner and manager of branded business parks, Inospace, has announced the launch of three new business parks in Midrand, north of Johannesburg – growing its portfolio to 42 branded parks to date.
These new sites follow the company’s September launch of two new business parks in Johannesburg acquired from Arrowhead Properties. The three recent locations in Midrand span a total net lettable area of 20 000m2, taking Inospace’s assets under management to 400 000m2.
The three industrial parks, Coventry Park, Richard’s Park, and Lanzerac Estate, currently comprise of warehousing logistics, storage, and light manufacturing spaces. The property is 90% let to a mix of SME tenants, which fits Inospace’s focus on entrepreneurial businesses looking for logistics and warehousing space.
“Midrand is a new node for us. We see demand in the area for our high-demand parks and we will add value to these properties through our innovative business model and in-sourced operational initiatives” comments Rael Levitt, CEO of Inospace.
“We have grown our footprint by 40% since the onset of the Covid-19 pandemic and resultant economic fallout“.
According to Levitt, the company has been looking to grow its Gauteng presence into the Midrand area – a solid and diverse SME sector of which Inospace has good knowledge.
The three new parks are in a bustling business node situated along the N1 highway between Sandton and Centurion. “The area has experienced significant growth and modernisation in the last decade, mainly due to its excellent highway links. It is fast becoming a business nucleus, and there is now little break between the outskirts of Johannesburg and those of Pretoria”.
Known for its business parks’ unique combination of office, warehouse, industrial, and storage space, Inospace has developed a reputation for flexibility, affordability and community, entrenching the ‘Space-as-a-Service’ model that offers a range of business services and facilities.
“These high-quality assets deepen our exposure to a market in which we already have extensive experience. The new parks will provide several compelling operational synergies and widen our range of customer offerings, particularly when considered alongside our other existing business parks in Johannesburg’s northern suburbs” adds Levitt.
The industrial and logistics sector has been the standout property sector globally and in South Africa. The sector has been performing exceptionally well for some time now, particularly during the pandemic, where accelerated online retailing trends and new supply-chain resilience requirements have significantly boosted demand.
Inospace’s model, which focuses on the multi-let industrial sector, has been highly resilient. When the company offered short flexible leases, with lease breaks at the tenant’s discretion, demand increased even further.
The company has grown its footprint by 40% since March 2020 and is indicative of the demand for its flexible, client-centric customer offering.
