Centurion industrial property market It appears that the industrial property market is leading the slow comeback in the commercial property market, certainly in the greater Irene and Centurion areas where industrial space is being “snapped up". Geldenhuys adds that although industrial space is limited, there are areas of opportunity for industrial development in the Pretoria area, including Sunderland Ridge, the new Rietvlei Corporate and Industrial Estate, areas near the N4 gateway and towards the airport between Pretoria and Kempton Park. This is according to Org Geldenhuys, managing director of Abacus Divisions. “In Irene and Centurion, we just cannot get get enough space for industrial-focused tenants.” “While we see the industrial property space sparking, the office property market is likely only to start seeing a moderate recovery within the next 12 months, partly due to an oversupply of office space built in the property boom years,” says Geldenhuys. He points out that five years ago, 20 percent of their revenue came from the industrial property sector, but, during the past six months, this has risen to between 50 and 60 percent. “However, in spite of our already fragile economy facing further setbacks, the current economic climate has created a host of opportunities for savvy investors within the commercial property industry, who are taking advantage, for example, of the lowest interest rates in 40 years.” Geldenhuys says it must be remembered that we have not yet fully recovered from the global financial crisis which ignited in 2008 and there are still considerable uncertainties in Europe, the Middle East and the US, which are threatening economic financial stability - and will continue to weigh on investor sentiment and property yields in 2013. Abacus Divisions recently announced the pre-launch of Rietvlei Corporate and Industrial Estate, a new development comprising of smaller industrial stands, catering to owner-occupiers who are keen to do their own developments. The new industrial park was launched on the back of the completion of the highly successful Route 21 Corporate Park, Irene Village Mall and Irene Farm Villages in the area. Geldenhuys adds that although industrial space is limited, there are areas of opportunity for industrial development in the Pretoria area, including Sunderland Ridge, the new Rietvlei Corporate and Industrial Estate, areas near the N4 gateway and towards the airport between Pretoria and Kempton Park. property24/articles/centurion-industrial-property-market/18204
Posted on: Tue, 06 Aug 2013 15:29:40 +0000
Trending Topics
Recently Viewed Topics
© 2015