Firstly the aggregate decentralized vacancy rates across the four major metros remain low at under 5 percent, though the trend in Joburg and Cape Town appears to be flattening – similarly the net annual take up trend within existing investments is also flat but dropping noticeably in the case of Joburg. The supply of new stock and associated trends now become of prime consideration: our analysis suggests that the quarterly take up is quite buoyant – more importantly the vacancy ratio within new developments is not particularly high at present, though the trend is generally upward. With much of the new supply dependant on ongoing new demand, the macro economic performance of the tertiary sector will need to be carefully tracked to ensure that the office market remains in check.<BR><BR>For the time being…office property… be my valentine (at the right price)!