Increase in demand for Rosebank offices
Ideally located between the Johannesburg CBD and Sandton, Rosebank is seeing increased demand for office space.From an older office node to a chic mixed-use node comprising of upmarket Green Star rated buildings, Rosebank attracts occupiers looking for a vibrant commercial and residential hub at affordable prices.
“Rosebank offers an alternative to Sandton CBD and its P-grade, Green Star rated new office developments with the pedestrian feel and support of excellent amenities continues to attract more corporate occupiers looking for a live, work and play environment,” says Jane Parker, Broll Commercial Broker in Gauteng.
Parker explains that the refurbishment of certain buildings, where the original architectural features are retained, combined with modern finishes all add to the desirability of the area thus driving up demand for office space.
Gross achieved rentals range from R120/m2/month for B-grade, R160/m2/month for A-grade and R230/m2/month for P-grade space according to the Broll Rosebank Office Market Report.
The Gautrain station and bus stops in Rosebank increase accessibility for commuters travelling to and from Sandton, the Johannesburg CBD and O R Tambo International Airport. For those using public transport, the area is serviced by Metro and Putco buses, minibus taxes, Uber and metered taxis all accessible from either Oxford Road or Jan Smuts Avenue.
There are a number of new developments and redevelopments currently underway and these include among others, the redevelopment of The Rosebank Fire Station is scheduled to open in the first quarter of 2018 and offering approximately 7,500m² of office space. New P-grade offices, the Rosebank Link is under construction and due for completion at the end of 2018 offering over 19,000m² of office space with a retail component on the ground floor.
Parker points out that mixed-use developments are becoming the norm as seen in the construction of 144 Oxford comprising of two office towers and a hotel while the Galleria site, previously home to Tiso Blackstar (formerly known as Times Media) has been demolished with construction due to commence on a 90,000m² mixed-use precinct comprising offices, retail, a hotel and serviced residential apartments.
The special character and safe pedestrian environment of Rosebank will continue to attract new developments, both commercial and residential, with the new high-rise buildings offering upmarket accommodation in an unique architectural style.
Parker adds: “The cosmopolitan vibe of the location with its good support infrastructure makes it a popular office choice for both local and international businesses.”