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With some of the largest companies setting up shop in Umhlanga, the node’s desirability continues to increase, despite a decline in rental rates over the past quarter. The area is expected to maintain its exponential growth trend with exciting new developments in the pipeline. Completion of the Park Square development, for instance, is anticipated at the end of 2018. The proximity between Cornubia and Umhlanga may generate some healthy competition in demand for the two areas. For the prospective tenant, the decision boils down to the area with the greater price advantage. Nevertheless, overall demand tends toward newer accommodation, with vacancy rates for Grade P offices sitting at 1.5%.
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22 March 2017