From Creamer Media in Johannesburg, this is the Real Economy Report.
Sashnee Moodley:
Real estate investment trust company Attacq has reported an improvement in the office and retail sectors following a downswing during the Covid-19 pandemic. Darren Parker tells us more.
Darren Parker:
The ailing office space subsector of the property market is starting to see a recovery after Covid-19 caused thousands of companies to adopt work-from-home models to protect employees.
However, office space market is starting to experience something of a recovery, according to Attacq.
Attacq CEO Jackie van Niekerk:
Darren Parker:
The retail subsector also suffered significant setbacks during the height of the pandemic, although it has shown remarkable resilience. While Attacq reported that overall footcount for 2022 was still below 2019 levels, it was showing signs of improvement.
Attacq CEO Jackie van Niekerk:
Darren Parker:
Meanwhile, Attacq’s residential developments across Waterfall City also benefitted from robust demand during 2022, which the company attributed to the safety and lock-up-and-go convenience afforded to residents.
In particular, the company reported that its Ellipse multi high-rise apartment building developments in Waterfall City have enjoyed significant success over the past year.
Attacq CEO Jackie van Niekerk:
Sashnee Moodley:
That’s Creamer Media’s Real Economy Report. Join us again next week for more news and insight into South Africa’s real economy. Don’t forget to listen to the audio version of our Engineering News daily email newsletter.