The overall office vacancy rate at the end of Q3 2023 was 15.5%, down 10 basis points, from Q2 2023, according to SAPOA’s Office Vacancy Survey.
While the current office vacancy rate is still well above where it was before the pandemic (a steadily improving occupancy rate), recovering real asking rentals suggests that demand might be slowly creeping past supply.
Q3 2023 saw improved vacancy rates for A- and B-grade offices with C-grade office space seeing a 50-basis point deterioration. The prime office segment was essentially flat after several quarters of positive up-take with its vacancy rate ending Q3 2023 at 9.5% – down from 14.5% at the beginning of 2022.
For more detailed information on SA’s office vacancies, download a free copy of the latest report here (free to SAPOA members only).
How to access SAPOA’s reports:
- Visit www.sapoa.org.za.
- Login/register on SAPOA Members
- Click on ‘Reports’
- Click on ‘Free Reports’
- Click on ‘Office Vacancy Reports’
Not a SAPOA member? Sign up here