OFFICE VACANCY SURVEY. 4rd quarter. Introduction. Area Descriptions. Definitions 2. RENTABLE AREA 3. GROSS ASKING RENTAL JOHANNESBURG AND ENVIRONS

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1 OFFICE VACANCY SURVEY T H E V O I C E O F C O M M E R C I A L P R O P E R T Y 4rd quarter RENTABLE SAPOA OFFICE VACANCY SURVEY PRODUCED BY IPD IN ASSOCIATION WITH LEADING PROPERTY SPECIALISTS - SEE LOGOS Report compiled by Marc Schneider (mschneider@ipdindex.co.za; tel ) Introduction Please note that the total rentable areas will change from time to time as new and revamped buildings come on stream. The Survey is dynamic and data will change as buildings are completed and are up or down-graded. Panelists continue to classify buildings more accurately and, in some areas, the values in the various grades have changed since the last survey. Grade C has now been included for some areas in the survey due to a number of nodes having significant active C grade space. Grade P (Premium) space has also been included in some areas. Please refer to the Area Definitions section to ascertain the boundaries for each area. The statistics only reflect actual occupation even though major leases may have been signed. The results are aggregated from data provided by individual building for a sample of over 70% of properties in the areas covered. The methodology ensures that there is no duplication of data. Note: In general sublet activity does not form part of the official vacancy rate and this may impact on the actual space available in the market. The effect of sublet space may be more or less prominent depending on the prevailing market conditions. SAPOA endeavours to ensure that all information published in this survey is as accurate as possible and SAPOA cannot be responsible for errors, omissions or interpretations thereof. Definitions 1. OFFICE BUILDING GRADES 1.1 Grade P Top quality, modern space which is generally a pace-setter in establishing rentals and which includes the latest or a recent generation of building services, ample parking, a prestige lobby finish and good views, or a good environment. 1.2 Grade A Generally not older than fifteen years or which has had a major renovation; high quality modern finishes; air conditioning; adequate on-site parking, market rental near the top of the range in the metropolitan area in which the building is located. (The following should also be taken into account in determining whether the building is A-grade or not: Consider whether the building has a good quality lobby finish, quality access to/from an attractive street environment and other similar factors, such as safety and security.) 1.3 Grade B Generally older buildings, but accommodation and finishes close to modern standards as a result of refurbishments and renovation from time to time, air-conditioned; on-site parking, unless special circumstance pertain. 1.4 Grade C Buildings with older style finishes, services and building systems. It may or may not be air-conditioned or have on-site parking. All areas referred to in this survey are rentable areas in conformity with the definition of rentable areas as set out in the SAPOA Method of Measuring Floor Areas in Commercial and Industrial Buildings. Essentially this covers the entire floor, excluding major vertical penetrations of the floor such as stairs, lift shaft, flues, pipe shafts and vertical ducts which serve more than one floor of the build-ing. It includes additional services such as stairs, dumb waiters and lifts which exclusively serve a tenant occupying offices on more than one floor. 3. GROSS Gross Asking Rental is defined as being the full rental being asked including operating costs and municipal costs excluding parking, VAT, electricity/water consumption and internal cleaning. Area Descriptions JOHANNESBURG AND ENVIRONS BEDFORDVIEW / BRUMA This includes the offices around and adjacent Bruma Lake, Eastgate Shopping Centre and Bedford Shopping Centre. In addition the offices adjacent to Gillooly s Farm, Skeen Boulevard as well as along the R22 and R24 in the direction of the OR Tambo International Airport. BRAAMFONTEIN The area bounded by the M1 highway to the west, the railway line to the south, Joubert Street to the east and the Braamfontein Ridge to the north including the Braampark development but excluding any building on the University campus. BRYANSTON / EPSOM DOWNS This area adjacent to the intersection between the Western By-pass and William Nicol Drive, including Peter Place. CBD JOHANNESBURG The area bounded by the M2 and M1 highways to the south and west respectively, the railway to the north and End Street to the east. CONSTANTIA KLOOF BASIN Includes area either side of Hendrik Potgieter Road, including Monash University to the west with the Western bypass to the east. CRESTA/BLACKHEATH Includes offices in Cresta, Darrenwood, Blackheath and Northcliff & extensions and Randpark either side of Beyers Naude bounded by Milner Rd to the east and Christiaan de Wet/Northumberland to the west, and from Milner in the south up to the N1 in the north. FOURWAYS The area bounded by Uranium Road to the north, Main Road to the east, William Nicol intersection to the south and Waterford Estate to the west. GREENSTONE/LONGMEADOW/MODDERFONTEIN/EDENVALE Includes the area bounded by the N3 to the west, Peace Street/Modderfontein Road to the north, Palliser Road to the east and Aitken road to the south. HOUGHTON / KILLARNEY Included are the offices in Killarney and Houghton on either side of the M1 highway as well as the Houghton Isle development.

2 HYDE PARK / DUNKELD The node of the intersection of Jan Smuts Avenue and William Nicol Drive including Dunkeld West, Hyde Park and the upper part of Craighall Park. ILLOVO The office node in Rudd Road, Oxford Road and Illovo Boulevard areas. MELROSE / WAVERLEY The area enclosed by Corlett Drive, Oxford Road, Glenhove Road and Atholl-Oaklands / Scott Street as well as the Waverley area across the M1 Highway. MIDRAND This area includes those buildings which are predominantly offices in the Midrand and Halfway House area. MILPARK The area includes the Richmond / Sunnyside office development node, the Milpark developments west of Empire Road. This area also includes the SABC complex and surrounding offices. MORNINGSIDE Includes offices in the Morningside, Morningside Manor & Gallo Manor areas the node is bound by Kelvin Drive, Bowling Road, South Road and the Western Service Road/M1. PARKTOWN This area includes the Parktown nodes adjacent to Jan Smuts Av-enue up to the ridge, Central Parktown and the office area around Anerley Road and Sunnyside Park Hotel. RANDBURG The Randburg CBD and extending into Ferndale, north to Bond Street, west to Malibongwe Drive and east along Bram Fischer Drive into Jan Smuts Avenue adjoining Bordeaux, up to Republic Road. Also continuing south along both sides of Bram Fischer until Conrad Drive in Blairgowrie. RANDPARK/RANDPARK RIDGE The area bounded by N1 to the south, Randpark Ridge to the west, Boskruin/ Bromhof to the east and Christiaan de Wet/Northumberland to the north. RIVONIA The office node along Rivonia Road up to 12th Avenue. The node is bound by Summit Road to the west, Bowling Road to the east and Cullinan Place to the south. ROSEBANK The area bounded by Bolton Road, Jan Smuts Avenue, Oxford Road and Jellicoe Avenue. Also includes sundry buildings in Parkwood and Parktown North along the major arterial roads. SANDTON AND ENVIRONS The Sandton CBD & adjacent office nodes incl. Wierda Valley, Benmore & Sandown. Also included are the offices along Katherine Road travelling towards the M1 highway. CAPE TOWN AND ENVIRONS BELLVILLE Jip de Jager/Mike Pienaar to the West, Voortrekker Road to the South, Old Oak to the East and Van Riebeeck Road to the North CAPE TOWN CBD Chiappini Street to West, Gardens suburb to South, Tennant Street to East and Harbour Freeway to North. CLAREMONT Highwick/Pine to the South, Protea/Campground Road to the North, Palmyra to the East and the M3 to the West. PINELANDS Settlers Way to the South, Jan Smuts to the North and East and Old Mill Road to the West. RONDEBOSCH / NEWLANDS Protea/Campground Road to the South, Woolsack Road to the North, Campground Road to the East and the M3 to the West. WATERFRONT / CENTURY CITY Self explanatory. DURBAN AND ENVIRONS DURBAN CITY The area bounded by Victoria Embarkment and Winder Street to the south, the railway line, Cross Street, First Avenue and Stamford Hill Road to the west, Argyle Road to the north and Brickhill and Point Roads to the east. DURBAN SUBURBS Include Berea, Umhlanga / La Lucia and Westville. PRETORIA AND ENVIRONS ARCADIA Is bounded by Du Toit Street to the west, Hill Street to the east, Schoeman and Park Streets to the south and Belvedere Street to the north. BROOKLYN / NIEUW MUCKLENEUK / GROENKLOOF/WATERKLOOF The area is bounded by the Fountains Circle, Lynnwood Road, Brooklyn Road, Dely Road, Rigel Road North and Sibelius Street. CBD PRETORIA Is bounded by Potgieter Street to the west, Boom Street to the north, Scheiding Street to the south and Du Toit / Van Boeshoten Street to the east. CENTURION Is bounded by Main Road to the east, Nelmapius Drive to the south, Ben Schoeman Highway to the west and Jean Avenue to the north. HATFIELD / HILLCREST Is bounded by Church Street to the north, Duncan and Brooklyn Streets to the east, Festival Street to the west and Lynnwood Street to the south. HIGHVELD TECHNOPARK / HIGHVELD EXTENSIONS This area is located within the municipal boundaries of Centurion and is bounded by the N1 freeway to the north and the west, John Vorster Drive to the east and Nelmapius Drive to the south. LYNNWOOD/MENLO PARK/HAZELWOOD/PERSEQUOR PARK Is bounded by Brooklyn Road to the west, the N4 Freeway to the north, General Louis Botha to the east and Garsfontein Road to the south. MENLYN / FAERIE GLEN / ASHLEA GARDENS Is bounded by Dely Road to the west, Ingersol and Kelvin Streets to the north, General Louis Botha to the east and Garsfontein Road to the south. PRETORIA EASTERN SUBURBS / ROUTE 21 This area includes all the suburbs in the east of Pretoria which are not allocated to any of the other nodes and is bounded by Mooikloof to the east, Silverton to the north, the R21 and the Fountains Circle to the south. The western boundry could be defined as all the areas to the east of Lynnwood, Menlo Park, Persequor Park, Menlyn and Faerie Glen. SUNNYSIDE Is bounded by Park Street to the north, Johnston Street to the east, Walker Street to the south and Du Toit / Van Boeshoten to the west. PORT ELIZABETH AND ENVIRONS GREENACRES The area bounded by Koningham Road to the East, Westview Drive to the South, 2nd Avenue to the West and Norvic Drive/Worricker Street to the North; NEWTON PARK The area bounded by 2nd Avenue to the East, Hurd Street to the South, 7th Avenue and to the West and King Edward Street to the North CENTRAL/PARK DRIVE The area bounded by Rink Street to the East, Park Drive/Cape Road to the South, Mount Road to the west and Westbourne Road to the North WALMER/FAIRVIEW The area bounded by 1st Avenue to the East, Heugh Road to the South, William Moffett Expressway and 17th Avenue to the West and Main Road to the North.

3 OFFICE VACANCY SURVEY AVAILABLE CURRENT PREVIOUS MONTHS IN % GROSS S - RAND/m 2 RENTABLE AVAILABLE JOHANNESBURG & ENVIRONS BEDFORDVIEW A 98,175 12, ,200 10, B 93,439 15, C 20,100 1, ,714 29, BRAAMFONTEIN A 193,405 26, ,400 2, B 170,988 26, C 122,425 23, ,818 76, BRYANSTON/EPSOM DOWNS P ,500 11, A 483,066 55, B 30,578 8, ,644 63, BRUMA A 28, B 54,458 10, ,392 10, CONSTANTIA KLOOF A 279,012 28, B 12,345 1, ,357 30, CRESTA/BLACKHEATH to RANDPARK P 75, A 57,899 9, , B 40,857 11, ,756 21, CBD JOHANNESBURG P 24, , A 793,036 53, B 558, , C 194,289 47, ,569, , FOURWAYS A 133,949 11, ,842 7, B 6,500 1, ,449 12,

4 T H E V O I C E O F C O M M E R C I A L P R O P E R T Y AVAILABLE CURRENT PREVIOUS MONTHS IN % GROSS S - RAND/m 2 RENTABLE AVAILABLE GREENSTONE/EDENVALE/MODDERFONTEIN A 7,922 1, B 23,137 10, C 5,000 3, ,059 15, HOUGHTON/KILLARNEY A 79,001 1, B 29,200 3, ,201 4, HYDE PARK/DUNKELD A 25,221 4, ,000 5,000 - B 65,589 5, ,810 9, ILLOVO A 140,633 3, B 27,114 3, ,747 7, MELROSE/WAVERLEY P 90,000 3, A 28,878 4, B 15, ,541 8, MIDRAND P 167, A 188,774 7, B 224,483 26, C 12,842 1, ,502 35, MILPARK A 27, B 202,790 7, C 51, ,726 8, MORNINGSIDE A 81,531 3, ,531 3,

5 OFFICE VACANCY SURVEY PARKTOWN AVAILABLE CURRENT PREVIOUS MONTHS IN % GROSS S - RAND/m 2 RENTABLE AVAILABLE A 105,952 2, ,000 10,000 - B 205,517 5, C 49,994 5, ,463 14, RANDBURG A 30,367 7, ,000 3, B 365,501 48, C 27,840 7, ,708 62, RIVONIA A 84,829 17, B 191,851 20, C 21,134 13, ,814 51, ROSEBANK A 116,882 24, ,784 27, B 153,266 8, C 9, ,498 32, SANDTON & ENVIRONS P 161,332 1, ,781 96, A 949,273 81, B 208,431 28, C 30,385 21, ,349, , SUNNINGHILL A 348,647 24, ,191 23, ,647 24, WOODMEAD A 335,799 35, B 17,800 4, ,599 39,

6 T H E V O I C E O F C O M M E R C I A L P R O P E R T Y AVAILABLE CURRENT PREVIOUS MONTHS IN % GROSS S - RAND/m 2 RENTABLE AVAILABLE CAPE TOWN & ENVIRONS BELLVILLE P 44, A 304,772 16, B 139,948 11, ,720 28, CBD CAPE TOWN P 37, ,685 20, A 443,085 47, B 294,435 26, ,020 75, CENTURY CITY P 28,550 4, , A 178,227 18, B 26,130 2, ,907 24, CLAREMONT A 85,036 14, B 18, ,622 15, PINELANDS A 208,468 13, B 19, ,425 13, RONDEBOSCH/NEWLANDS A 70,254 3, B 28,077 2, ,331 5, WATERFRONT P 34, A 41,925 1, B 7, ,431 2, DURBAN & ENVIRONS BEREA A 29,490 1, B 39,231 9, C 24,452 6, ,173 17,

7 OFFICE VACANCY SURVEY AVAILABLE CURRENT PREVIOUS MONTHS IN % GROSS S - RAND/m 2 RENTABLE AVAILABLE CBD DURBAN A 151,063 27, B 192,256 12, C 394,866 93, , , UMHLANGA/LA LUCIA P 4, A 202,875 9, B 25,752 1, ,333 11, WESTVILLE A 79,269 1, , B 83,705 5, ,974 7, PRETORIA & ENVIRONS ARCADIA A 168,303 5, B 54,718 3, C 119,153 3, ,174 11, BROOKLYN/ NIEUW MUCKLENEUK/ GROENKLOOF/WATERKLOOF P 23, ,000 7, A 139,479 2, B 47, ,417 3, CBD PRETORIA A 134,557 1, B 238,700 5, C 159,347 8, ,604 15, CENTURION A 141,966 8, ,831 24, B 208,172 15, ,138 24, HATFIELD/HILLCREST A 104,834 3, ,000 7, B 169,029 21, ,863 24,

8 T H E V O I C E O F C O M M E R C I A L P R O P E R T Y AVAILABLE CURRENT PREVIOUS MONTHS IN % GROSS S - RAND/m 2 RENTABLE AVAILABLE HIGHVELD TECHNOPARK & EXTENSIONS A 336,893 23, ,700 12, B 90,950 3, ,843 27, LYNNWOOD/ MENLO PARK/ PERSEQUOR PARK/HAZELWOOD A 76,514 3, ,302 5, B 91,405 6, C 19, ,769 9, MENLYN/ FAERIE GLEN/ ASHLEA GARDENS A 171,321 7, , B 49,821 8, ,142 16, PTA EASTERN SUBURBS/ ROUTE 21 A 154,983 20, ,852 23, B 132,366 8, C 22,818 1, ,167 30, SUNNYSIDE C 72,684 1, ,684 1, PORT ELIZABETH & ENVIRONS GREENACRES A 29, B 34,506 1, C ,576 1, NEWTON PARK A 11,351 2, B 2, ,841 2, CENTRAL/PARK DRIVE A B 5, C , WALMER/FAIRVIEW A 11,107 3, ,900 8, B 5,471 1, ,578 5,