Gauteng
Although Gauteng occupies only 1.4% of the country’s land area, is it the financial hub of South Africa and contributes more than 30% to the national economy. The prevailing industries are finance, real estate and business services, contributing 22.8% to the regional gross domestic product. The province has the highest per-capita income level in the country.
Gauteng is the home province of the Johannesburg CBD, Sandton and Pretoria. Johannesburg, is one of the largest cities on the African continent, is well known for its mixture of shiny skyscrapers, Indian bazaars, African medicine shops, and busy high streets with fruit sellers and other vendors on every corner. Pretoria, home of the Union Buildings, is the administrative capital of South Africa, and the Government is the biggest tenant in the CBD.
Gauteng has more than 5.9 million m2 of enclosed retail shopping centre space. The largest shopping node in Johannesburg is the Sandton Retail Node (187 284 m2) which consists of a combination of SandtonCity (158 000 m2), Nelson Mandela Square (16 000 m2), Legacy Corner (7 000 m2) and Michelangelo Towers Mall (6 284 m2). Pretoria is home to Menlyn Park Shopping Centre located to the east of the city.
Rentals in Gauteng have remained stable since the third quarter of 2010 and demand for prime space continues. Due to the lack in new development currently taking place, landlords are spending capital on refurbishments of existing buildings, creating a new look and feel in some centres.
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