Property360 - National Digital Magazine - 15 October 2021

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PAGE 3 FOURTH WAVE SET TO HIT SA’S OFFICE PROPERTY MARKET

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Remote working looks to be the way of the future, with some on-site work part of the mix. PICTURE: PIXABAY

Looks like working from home is here to stay Not everyone thinks it’s a good idea but many companies, including the likes of Microsoft, Siemens and Facebook, have endorsed the trend – at least partially

BY BONNY FOURIE bronwyn.fourie@inl.co.za

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INCE the outbreak of the coronavirus pandemic, the corporate world has seen a huge move towards remote working or, at the very least, more people working from home more often.

And considering this trend has been in place across the world for almost two years, there is strong belief that it is here to stay, forever altering the office property market as we know it.

Some professionals are even refusing to return to the office or to accept new positions at companies which insist they work on site.

This presents corporates across the globe with a dilemma, and it is playing out differently from company to company. Some are luring top talent simply by allowing them to work remotely.

The compromise appears to be a hybrid approach which allows employees to work from home a stipulated number of days a week.

INTERNATIONAL TRENDS PwC’s US Remote Work Survey, released in January, found that remote work had been an overwhelming success for both employees and employers, with 83% of employers saying the shift had been successful for their company, compared to 73% in its June 2020 survey.

Fewer than one in five

executives say they want to return to the office as it was pre-pandemic “The rest are grappling with how widely to extend remote work options, with just 13% of executives prepared to let go of the office for good.”

The survey also found that real estate portfolios are in transition, with 87% of executives expecting to make changes to their real estate strategy over the next 12 months. These plans include consolidating office space in premier locations and/or opening more satellite locations.

“Over the next three years, while some executives expect to reduce office space, 56% expect to need more. These mixed findings show that some companies are planning to reinvest the remote work dividend in new ways in order to create a special experience in the office.”

In the UK, recent research released by the CIPD, the professional body for HR and people development, similarly reveals that employers are now more likely to say that the shift to home working has boosted productivity than they were in June 2020. The figures are, however, lower than their US counterparts, at 33% and 28% respectively.

The findings are part of a new CIPD report exploring how

organisations can learn from ways of working during the pandemic to make hybrid working – a mixture of working at home and on site – a success.

The CIPD stresses the need for employers to look at flexible options beyond home working, recognising that not all roles can be performed from home.

“The pandemic has shown that ways of working that previously seemed impossible are actually possible.

“Organisations should take stock and carefully consider how to make hybrid working a success, rather than rushing people back to the office when there are clearly productivity benefits to home working,” says Claire McCartney, senior policy adviser for resourcing and inclusion at the CIPD. EMPLOYEE DEMANDS Another survey, in the US by insurance company Breeze, found that the work-from-home trend as a response to the pandemic has turned into a revolution in how people want to work.

Results showed that: • 65% would take a 5% pay cut.

• 38% would take a 10% pay cut.

• 24% would take a 15% pay cut.

• 15% would take a 25% pay cut.

• 39% would give up health insurance benefits.

• 23% would give up 50% of their

paid time off.

• 36% would give up their retirement plan.

• 47% would give up mental health benefits.

• 34% would give up “their right to vote in all future local and national elections for life”.

Weighing in on the remote working debate, FNB commercial property economist John Loos says remote working has been shown over many years to work well, and is getting better as technology improves.

What is surprising is that some work-from-home opponents do not see the opportunity for cost reductions.

On his LinkedIn page, Loos writes: “Employees reduce costs through less commuting, time and transport. Companies reduce costs through less office space and related infrastructure.

“On top of this, surveys... suggest that the labour market may adjust in such a way that market-related salaries of remote workers may in future be lower than office-bound employees.”

The potential savings opportunities seem “huge”.

“Many employees want better quality of life, and they are prepared to take a pay cut for it.

The progressive companies will see opportunity and drive greater work from home. The denialists and resisters will pay higher salary

bills and battle more to retain and attract top skills until the market has punished them enough.

This will be the continuation of a multi-decade trend and the office property market is likely to battle and ultimately to shrink in relative size as a result.”

CORPORATE RESPONSE Recently, the BBC reported that, in June, Apple chief executive Tim Cook sent out a company-wide memo telling staff they would be required back in the office by early September, and workers would be expected to be present for three days a week, with two days of remote work. But some employees pushed back with their own letter and some even quit their jobs.

This trend has been unfolding in several big corporates in the US. Others, however, have bucked the trend by offering a full or partial switch to permanent remote working. Some of these corporates, who will no doubt attract top skills looking for such working conditions, include: • Siemens • Twitter • Facebook • Square • Dropbox • Novartis • Shopify • Zillow

• Coinbase • Hitachi • Quora • Google • Ford • HubSpot • Microsoft • Reddit

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A coronavirus fourth wave will further hamper the recovery of the office property market. PICTURE: MICHAEL GAIDA/PIXABAY

Letter from the editor IT WAS March last year when my boss walked into my beautiful office overlooking Greenmarket Square and said that with hard lockdown coming into effect, we needed to pack up for three weeks.

My office was in a prime spot in the city of Cape Town and I could hear the bells ring out from St George’s Cathedral. It was full of plants which colleagues had given to me after both my parents’ deaths. On the wall were our ideas and brainstorming notes.

It was a place that had many stories to tell of all the deadlines, the laughter, the creativity and even the tears that had flowed in it.

I remember packing the few things I would need. A colleague had her car with her so took my plants promising to take care of them (and she has).

We walked out of the office that day, too afraid to even hug each other goodbye, and I only returned once, to completely pack up as we – like many others – did not return to the office.

Work from home has become the norm. And a small section of my home has become my dedicated “office”.

Remote meetings and hybrid events are also normal now.

The other day, I had to meet a colleague from another department to pick up some documents. I hadn’t met her since March last year and, unexpectedly, I had tears in my eyes when I saw her.

Coming face to face with a part of the pre-Covid world reminded me of all we have all endured, lost and been through.

We met three floors down from my old office – now dark and vacant.

Will the world ever go back to an office environment?

Psychologically I believe it will have to be done in stages. What this means for the office market is not great.

Let’s see how it pans out...

Warm regards

Vivian Warby vivian.warby@inl.co.za

FIND US HERE: @property360.co.za

@property360_za

@property360.co.za

Landlords brace for fourth wave Lockdowns later in the year could hit the office space sector just when there were hopes of a recovery

BY BONNY FOURIE bronwyn.fourie@inl.co.za

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HE PREDICTED fourth wave of the Covid-19 pandemic in South Africa looks set to whack back the already beleaguered office property market even further, at a critical time when it looked as though it could begin a slow recovery.

This, if it happens, it will simply be a repeat of the period a few months back when the third wave scuttled hopes of a perceived return to some sort of normal.

“Just when it looked as if more workers would return to the office, the third Covid-19 wave came along in June,” according to Rode & Associates’s Q3 State of the Property Market report.

“Another wave closer to the end of 2021 means office property owners are bracing themselves for even tougher times over the short term as many workers will continue to stay away from the office,” it says.

FNB commercial property economist John Loos agrees, saying the office market not only has the normal economic challenge of job cuts in office-bound services sectors, translating into companies needing less space, but it is also challenged by “highly successful forced remote working” caused by the 2020/21 lockdowns.

“Broker surveys consistently point to many companies re-assessing their office space

needs, and many planning to reduce the amount of office space leased or owned.

“This downscaling process may well still be gathering momentum.

It is thus looking likely that office property will be the underperformer of the three main commercial property classes in 2021 as a whole and even beyond.”

In the long-term, Rode & Associates’s Erwin Rode feels the work-from-home trend is “overstated” as it is not suitable for many companies, especially large corporates. This is because people need face-to-face interaction to build a company culture and morale.

“This means a flexible or hybrid approach is likely to become the norm, for example, working three days a week at an office, if required,” he says in the report.

The results of Rode’s second office vacancy survey continue to point to a high and rising amount of empty office space, with the national decentralised vacancy rates for grades A and B combined equating to an average of about 14%, “the highest this century”.

And the figure could rise further.

“The large and growing amount of available space means tenants are spoilt for choice and are clinching eye-popping deals,” Rode says.

Interestingly though, Loos notes, the most recent FNB Commercial

Property Broker Survey reveals that vacant office properties are perceived to be selling slightly faster than occupied office properties – for the first time since the survey was started in early 2019. He wonders whether this implies that repurposing of offices is becoming more popular, although says it is “probably a bit too early to tell”.

Repurposing of office space into residential accommodation has been a growing trend over recent years, especially in some of the country’s CBDs, but it appears that not all office conversions are for this purpose.

Many office properties have been redesigned to cater for flexible workspaces and this was on the rise even before the pandemic. JLL data shows while flexible office space accounts for a relatively small proportion of office markets across most major gateway cities – averaging between 2% and 8% – the rise to this level was swift, with an average of 25% growth a year between 2014 and 2019. In 2019, it accounted for as much as 20% of leasing activity in large cities.

Gregory Davis, business development director for Africa at IWG Plc, says despite the impacts of Covid-19 on office space, these workspaces seem to be emerging as a “strong offering and solution” for a return to the

work environment. Such spaces appeal to both tenants looking for flexibility and landlords wanting to differentiate their assets.

To this end, management agreements, also called operating agreements, are gaining popularity because they can provide greater resilience for building owners.

Explaining this, Davis says a management agreement, in its simplest form, is a partnership between a landlord and a co-working or flexi-space operator.

The property owner is incentivised to fill vacant space and the space operator has the ability to manage the co-working space.

In a management or operating agreement, the parties agree to share revenue generated from the co-working space.

“This is an increasingly popular trend and South Africa’s listed property sector continues to expand its flexible workspace footprint, primarily through partnerships with flexible workspace operators.”

Davis adds: “Commercial real estate landlords have an option to take over the ownership of the space themselves and work in conjunction with a flex operator to re-design and run the space as a flex space under a management agreement, fast-tracking the ability to return to a normalcy of operations in their space quickly.”

DISCLAIMER: The publisher and editor of this magazine give no warranties, guarantees or assurances and make no representations regarding any goods or services advertised within this edition. Copyright ANA Publishing. All rights reserved. No portion of this publication may be reproduced in any form without prior written consent from ANA Publishing. The publishers are not responsible for any unsolicited material.

Publisher Vasantha Angamuthu vasantha@africannewsagency.co.za Executive Editor Property and Environment Vivian Warby vivian.warby@inl.co.za Features Writer Bonny Fourie bronwyn.fourie@inl.co.za Design Kim Stone kim.stone@inl.co.za

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In addition to moving into a brand-new home, buying off-plan offers many financial benefits.

PICTURE: JEAN-PAUL JANDRAIN/PIXABAY

Spending a windfall Experts give advice on how to spend a tax refund and answer other property queries

BY BONNY FOURIE bronwyn.fourie@inl.co.za

Q: APART from moving into a brand-new home, what are some of the benefits of buying a property off-plan?

A: Buying off-plan is recognised in South Africa as a somewhat more affordable way to enter the property market, as there is no transfer duty payable, a factor that can mean the difference between whether the buyer can afford the property or not.

Many of the benefits of buying off-plan are financial, including the fact that VAT is included in the purchase price. Furthermore, since the property is yet to be developed and built, the buyer purchases it at today’s price but only starts paying once the property is completed, which means they are locked in at a lower price.

In the period between when the property is purchased off the plan and when the owner takes occupation, there may be capital appreciation on the asset, which is a great advantage. – Bruce Swain, chief executive of Leapfrog Property Group Q: Does a body corporate have the right to evict sectional title owners over unpaid levies?

A: Levies are not optional and owners have a legal duty to pay them in full and on time.

Non-payment by one or more owners can put very real strain on the health of a sectional title scheme and recovering

those costs is absolutely vital.

But body corporates cannot just evict an owner for unpaid levies; a legal process needs to take place. However, the legal process required to do this is long, complex and costly, and doesn’t always work out the way people assume.

There are two main options available to body corporates when an owner fails to pay levies and does not respond to attempts to resolve the matter amicably.

The first is to lodge the matter with the Community Schemes Ombud Services.

The second is to approach the courts.

While many schemes’s default reaction to owners in arrears is to turn to the courts, this isn’t necessarily the best – or fastest – way to resolve the issue.

Approaching the ombud is generally a better idea. It costs less and doesn’t require the involvement of attorneys.

– Craig Mott, regional sales manager for the Rawson Property Group Q: When it comes to latent and patent defects, how can we be sure that we know what to look for when we are buying?

A: Latent defects to the property are those which cannot be seen with the naked eye or after a fair inspection has been made.

Patent defects to the property are those which can be seen with the naked eye or can be established after a reasonable inspection of the property

by the purchaser.

The purchaser has a legal obligation to conduct a thorough inspection of the property to determine any patent defects before making the offer. Addressing the defects can be included in the offer. In the event that patent defects are not addressed in the offer to purchase, the seller has no legal obligation to attend to their repair.

The voetstoots clause is included in most sale agreements and its purpose is to protect the seller against liability for any latent defects to the property, unless the buyer can prove that the seller knew about them and tried to conceal the defects from the purchaser.

– Cobus Odendaal, chief executive of Lew Geffen Sotheby’s International Realty in Johannesburg and Randburg.

Q: We have decided to spend our tax refunds on our home, both for our benefit while living in it and also to add value when we sell one day. What are wise areas to spend on?

A: The first thing homeowners should consider doing with a tax refund is to use it lower the capital portion of their home loan, because this could help them save thousands of rands in interest charges over the life of the loan – especially if they make a habit of doing it every year.

You may, however, want to spend your tax windfall to help fund something more

immediately enjoyable. In this case, good choices include: • A second bathroom to make life easier now and lift the value of your home when it is time to sell.

• A new coat of paint that will keep your future maintenance costs down.

• Improvements to your security system that will lower your short-term insurance premiums.

Rising municipal service charges may also prompt homeowners to use any tax refunds this year to help make changes relating to electricity and water consumption. These could include: • Roof insulation to help keep your electricity bills down.

• Switching to long-lasting and low-power LED lighting and bulbs wherever possible.

• Installing tap and shower aerators and low-flow toilets.

• Replacing an old power-guzzling fridge or washing machine with energy star-rated appliances that use much less electricity.

• Installing a water storage tank to save the rainwater that runs off the roof and cut consumption of municipal water.

If you feel you really should splurge on something new, why not consider a solar geyser or a few photovoltaic panels so that you can start converting your home to run on free energy? – Gerhard Kotzé, managing director of the RealNet estate agency group

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National Listings T O A D V E RT I S E I N K WA Z U L U - N ATA L Anne Reddy 0 8 2 8 2 8 0 0 1 0 Larissa Marks 0 7 6 2 3 1 1 0 8 9

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PRINT ADVERTISING CAPE TOWN & GAUTENG Leigh Auret 074 991 3373 leigh@property360.co.za Shevon Philander 078 422 4925 shevon.philander@inl.co.za KZN & GAUTENG Anne Reddy 082 828 0010 anne.reddy@inl.co.za Larissa Marks 076 231 1089 larissa.marks@inl.co.za www.property360.co.za

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TIMED ONLINE AUCTION TUESDAY, 2nd NOVEMBER 2021 AT 12 NOON https://bidlive.maskell.co.za Duly instructed by the Liquidators of ANR Agencies CC, Master Ref. no.: N000029/2020

URGENT LIQUIDATION AUCTION OF ±2HA INDUSTRIAL STAND WITH STORAGE AREA OF 2000-3000mᶟ LOCATED AT 2 OLD MAIN ROAD, PIETERMARITZBURG

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A G E N T S ’ D I R E C T O R Y

360

PROPERTY

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COUNTRY & COASTAL PROPERTIES Western Cape Office 082 576 9366 Email: info@countrycoastal.co.za www.countrycoastal.co.za

KINGSFORD ESTATE Westville, KZN Office: 087 012 5670 Email: info@kingsford.co.za www.kingsford.co.za

DOGON GROUP PROPERTIES Atlantic Seaboard Office 021 433 2580 Email: thekings@dogongroup.com www.dogongroup.com

NOBLE RESORTS Cape Town 010 612 6060 sales@nobleresorts.co.za

KLOOF RETIREMENT VILLAGES Upper Highway - KZN Contact: 073 2100 577 Email: lhan@telkomsa.net www.kloofretirementvillages.co.za

DOGON GROUP RENTALS Sea Point Office 021 433 2580 Email: enquiries@dogongroup.com www.dogongroup.com

RHONDA RAAD PROPERTIES Cape Town Office 082 448 7795 Email: rrpsales@mweb.co.za www.rhondaraadproperties.co.za

THE WOODLAND Umhlanga Office 081 281 3960 Email: info@woodland.co.za www.woodland.co.za

DOGON GROUP PROPERTIES Southern Suburbs, Claremont Office 021 671 0258

BALWIN PROPERTIES Ballito Office 084 788 1020 Email: michelle@balwin.co.za www.balwin.co.za

SHELLEY RESIDENTIAL KZN Office 082 412 4463 Email: hello@shelley.co.za www.shelley.co.za

RAWSON PROPERTY GROUP Cape Town Office 021 658 7100

debbie.reabow@rawsonproperties.com

www.rawson.co.za

southernsuburbs@dogongroup.com

www.dogongroup.com

TOP ADDRESS IN HYDE PARK, JOHANNESBURG!!

STYLISH AND SPACIOUS RESIDENCE WITH SWIMMING POOL ,TENNIS COURT & MORE ONLINE LIQUIDATION AUCTION

DOGON GROUP PROPERTIES Western Seaboard Office: 021 556 5600 or 021 433 2580 Email: enquiries@dogongroup.com www.dogongroup.com

In liquidation: Sandton Property Developments 2001 (Pty) Ltd. Master’s ref: G1160/2020 PETER MASKELL AUCTIONEERS VAN’S AUCTIONEERS

KZN Gauteng ONLINE BIDDING: 12:00, 10-11 086 AUGUST Office: 033 397 1190 Office 111 82672021 BID AND REGISTER: www.vansauctions.co.za Email: info@maskell.co.za www.bidlive.maskell.co.za www.vansauctions.co.za

AUCTION OF: 81, THIRD ROAD, HYDE PARK, JOHANNESBURG

www.property360.co.za Extent: ± 3000 m² Improvements: Ÿ Entrance hall, lounge, dining room with sun room & family room Ÿ 4 bedrooms Ÿ 3 bathrooms (2 en suite) Ÿ Separate toilet Ÿ 2 TV rooms, kitchen & scullery

WEB21/0141

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