While there are a few owners who want staff back in the office in order to start having face-to-face meetings, online meetings have become the norm.
It is just another indication that the demand for office space is not likely to grow soon, particularly in Bloemfontein.
We can see in the market that there are large numbers of vacant and under-utilised offices across the city.
The demand is simply not there.
What can be done with these offices to create an income?
Firstly, we should remember that many of them are simply converted houses, so a possible solution is to return them to their original use as a single home or to split them into a number of smaller apartments.
The market for such units is good now and it is a realistic option, provided that bathroom facilities are there or can be easily put in.
Secondly, the same can be said for small offices, especially in Westdene as most house-sized units are too large for smaller businesses.
Something needs to be done because landlords cannot continue to suffer from these properties standing vacant.
And if you have tried looking for a nice place to stay, it seems there are very few quality residential places to let.
Even if you are prepared to pay over the odds to rent something neater, newer, or nearer to work, you are going to be disappointed.
Apart from Langenhoven Park and a few areas in the north, there has been very little development taking place around the city.
Even fewer of these areas have allowed for the development of flats or apartments, so the new supply is very limited compared to the current demand.
Any middle-of-the-road potential tenant will find it near impossible to find an affordable luxury apartment to rent – at any price.
It is quite surprising because the cost of land is high and putting three times the units on a site should be a preferred option for developers and reduces this cost per unit by two thirds.
Servicing an area of flats is going to be less than servicing an area of single-storey units.
With relatively large flat sites compared to individual stands the services are simpler, the roads are far fewer and cheaper to construct in total.
It is disappointing that developers have not taken these new dynamics on board and are still developing small sites that cannot accommodate more than 25 units while the demand for large multi-unit developments remains high.
- Mike Spencer is the founder and owner of Platinum Global. He is also a professional associated property valuer and consultant with work across the country as well as Eastern Europe and Australia.
