Morningside; A Vital Component in Sandton's Growth
Category Commercial News
It comes as no surprise that the latest SAPOA report shows that Sandton accounts for the bulk of national development activity. Titled, the Q2 Office Vacancy Report (July 2018), it goes on to reveal that the suburb holds 34% of the total office development pipeline.
As a whole, Sandton is expanding at phenomenal rates and new developments are continuously transforming the landscape. Localising this information even further reveals that various areas within the suburb are coming to the fore as leaders in the commercial market.
Areas such as Bryanston, Sunninghill, Sandown and Sandhurst are commonly considered as the cornerstones of Sandton’s overall strength. Although this remains true, smaller less recognised commercial nodes are emerging as market leaders.
In particular, the upmarket area of Morningside, which lies along Rivonia Road, is pegged as a high growth node and a significant contributor to Sandton’s commercial property market. The reason for this is multifaceted, but in short, Morningside has the right combination of properties that appeal to various tenant requirements.
A closer look at Morningside’s commercial property sector
The affordability factor
Morningside offers some of the most affordable commercial property when compared to other areas in Sandton. For example, rentals here can start from as little as R115/sqm, while areas such as Bryanston and Sandton Central start from an average of R180/sqm. This relative affordability has resulted in an increased demand for offices here, and subsequently, new developments have surged to meet this demand.
The freedom of choice
Morningside’s property market is diverse and you can uncover a range of high-rise office blocks that vary in size, price and grade. Most notably, A- and B- grade properties make up the majority of stock in the area and considering the substantial development pipeline planned for Sandton, Morningside can expect a significant percentage of this pipeline.
Low vacancy levels
Vacancy levels in Morningside are relatively low, therefore, if you find your ideal office space, it is wise to secure it quickly as there is a high possibility that it will not remain on the market for too long. SAPOA reports further state that most A- and B- grade properties are already occupied. It reveals that only 15 000sqm of A-grade rental space is available from a total of 70 000sqm. And 3 000sqm of B-grade office space remains from a total of 16 300sqm.
Environmentally-friendly buildings
The strength of any commercial node is its ability to cater to changing business needs. Morningside does this through the widespread development of environmentally-friendly buildings. Dotted throughout are buildings that promote sustainability and energy efficiency through the use of recycled and renewed building materials, solar panels and water harvesting systems.
Two prominent examples of environmentally-friendly buildings in Morningside are Sinosteel Plaza and 85 Grayston Drive.
Situated on the corner of Grayston Drive and Rivonia Road is the AAA grade building, Sinosteel Plaza. Designed along modern yet sustainable lines, the building spans 17 floors and consists of the very finest facilities such as a Bidvest Gourmet Canteen, a Platinum Sky Conference and Events Venue and a fitness centre.
85 Grayston Drive is easily identified through its glass facade, which is an iconic structure in the heart of Morningside. Spanning 10 000sqm, it is home to some of the most distinguished companies including Investec, Old Mutual and Pfizer. Offices in the building are spacious and many have entertainment areas and outdoor patios.
As Morningside transforms to meet the needs of an ever-growing business sector, it will continue to play a vital role in Sandton’s commercial property market.
To find out more about the properties available in Morningside, speak to our helpful agents from 3CUBE Property Solutions today.
Author: 3CUBE Property Solutions
