Summary and analysis of Durban's current office real estate market conditions.
Insight
Durban Office Market Dynamics, Q4 2024
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uMhlanga and Ballito’s upmarket office segments are essentially operating in an equilibrium state. There are limited vacancies, however these are met with limited demand. BPO-led demand is waning.
Existing vacancies, particularly those in the CBD, are both structural and systemic in nature, given niche demand fundamentals and lackluster economic conditions.
Changes in supply stem from stock being removed from the inventory and converted to alternative uses. Limited new office development is anticipated.