JSE-listed REIT Redefine Properties says retailers are starting to sign longer leases again in lockstep with increased footfall at its properties, calling it a strong indication that South Africa’s post-Covid-19 recovery is on track.Redefine Properties, which owns shopping centres including Blue Route Mall, Centurion Mall, Kenilworth Centre and Matlonsana Mall, reports that sales or total turnover across its retail portfolio is already in excess of pre-Covid-19 levels. The company forecasts this growth to continue, driven by essential services, apparel and a recovery of entertainment in shopping centres. “The negative lease renewal reversions have already started improving and the continued growth

Property developer Abland has three retail centres in the pipeline for Gauteng. Although the South African construction and development sector has faced major headwinds in recent times, Abland still has several retail sector developments in the works. BusinessTech previously looked at a few of these projects, including the 10,000 sqm Eyethu Shopping Centre in Soweto, the Groot Phesantekraal Shopping Centre in Durbanville, and the Mopane View Retail Mall in Soshanguve. The Eyethu Shopping Centre is right around the corner for Abland, with an opening date of Saturday, 28 October. However, Leopard’s Rest Shopping Centre in Alberton, Makhethani Crossing in Soshanguve

Fourways Mall in Johannesburg is the biggest mall in South Africa, but it is causing serious financial headaches. Following an expansion that finished in September 2019, Fourways Mall became the largest mall in South Africa with a gross lettable area (GLA) of 178,202 sqm. GLA is the amount of space in a commercial building that can actually be rented by a tenant. In close second place is Pretoria’s Menlyn Park Shopping Centre, with a GLA of 177,000 sqm. With a GLA of 176,400 sqm, Gateway Theatre of Shopping in uMhlanga completes the podium. Notably, South Africa’s busiest mall in terms

Estate agents are optimistic about the future of South Africa’s property market, but expectations that interest rates will be put on hold may be naive. According to the latest FNB Estate Agents Survey, market activity moved sideways to a rating of 5.1 out of 10 in Q3 2023 – below the long-term average of 5.9 and far lower than the 7.1 peak in Q4 2020. “Compared to Q4 2021, at the onset of the current interest rate hiking cycle, mortgage transactions have declined by approximately 24%,” FNB said. That said, the decline in activity has been relatively shallow compared to

As commercial property owners and managers look for every available competitive edge to attract and retain good tenants, great indoor air quality (IAQ) has become more than just a compelling sales point. UV-C disinfection systems are not only delivering cleaner, healthier air, but can reduce energy costs by up to 25%.“South African commercial property is struggling to regain Covid losses and owners and managers are facing an almost catch-22 situation. With weak demand and oversupply, finding compelling differentiation, such as a healthier work environment, must be weighed up against the investment required to install or upgrade indoor air quality systems.