More than space

South Africa’s office market is recovering, although not evenly.

Demand is shifting towards high-quality assets that offer seamless access, stronger amenities and a multi-faceted workplace experience, while older, less adaptable buildings continue to face pressure.

The office is back, and expectations have changed.

Businesses are looking for workplaces that help attract talent, strengthen culture, support collaboration and improve performance. Accessibility, operational resilience, sustainability, employee experience and access to amenities now matter as much as rental cost.

For Burstone, this reinforces a long-held belief: successful office assets are not defined by location alone. They are defined by how effectively they support the businesses and people they serve.

Active asset management

At Burstone, performance starts with understanding what would optimise business performance in the workplace and responding accordingly.

That means staying close to clients, anticipating change and investing with purpose to ensure our assets remain relevant, resilient and competitive.

Our Rosebank portfolio provides a clear example of this approach.

Across The Firs and 30 Jellicoe, Burstone owns approximately 24,000 square metres of commercial and retail property. Both buildings are fully let, reflecting the value of active asset management, continuous reinvestment and a focus on client experience.

At The Firs, clients have direct access to a vibrant piazza with restaurants and cafés, complemented by retail and lifestyle amenities that enhance the workplace experience. At 30 Jellicoe, Burstone used the vacancy created by an anchor tenant’s relocation to refurbish and reposition the building. Targeted upgrades to common areas, meeting facilities and workplace amenities helped enhance the client experience, with the building fully let in a short space of time.

Client experience drives growth

GoTyme Bank is a strong example of where client satisfaction in their office space drives business growth.

The bank initially occupied a smaller footprint at 30 Jellicoe before extending its lease and expanded into three floors following the building upgrades.

That decision reflected confidence in the location, but also in Burstone’s ability to understand client needs, respond quickly and create an environment that could support the bank’s next phase of growth.

This is Burstone’s broader portfolio approach: stay close to clients, invest with purpose and create workplaces that can evolve with their needs.

Active management creates resilience

Burstone’s office performance has been supported by a nimble, intuitive and hands-on asset management team.

Vacancy across the portfolio has never exceeded 10% before, during or after Covid. That consistency reflects the agility, responsiveness and client-centric approach of Burstone’s asset management team.

In FY26, Burstone’s South African office portfolio delivered like-for-like net operating income growth of 2.6%, while vacancies improved to 5.0% from 7.7% in FY25.

The lesson is clear.

The office market is recovering, but workplace expectations have changed. The best- performing assets will be those that offer more than space. They will deliver experience, resilience, flexibility and environments where people and businesses can perform.

That is how Burstone approaches office.