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Effects Of Urban Decay On Office Rent In Johannesburg Central Business District

Author

Listed:
  • Omokolade Akinsomi
  • Atish Ranchod
  • Lawrence Ndlovu
  • Lerato Morobi

Abstract

Effects of urban decay on office rental values have not been researched in South African cities. The purpose of this study is to test if urban decay is still evident and has a negative effect on rental values of office buildings in the Johannesburg Central Business District (CBD). In conducting this research, a questionnaire was distributed to 48 office building managers within the Johannesburg CBD. The results obtained show that the majority of building managers agree to the fact that urban decay is still evident in the Johannesburg CBD and has a negative effect on office rental values. Respondents were of the opinion that factors such as abandoned buildings and high crime rates were features of urban decay which contribute negatively to office rentals in the Johannesburg CBD. This urban decay factors were more prominent or allocated same weightage for instance than factors such as market condition, interest rates and rental property demand. This research paper highlights the economic consequences of urban decay on commercial properties.

Suggested Citation

  • Omokolade Akinsomi & Atish Ranchod & Lawrence Ndlovu & Lerato Morobi, 2015. "Effects Of Urban Decay On Office Rent In Johannesburg Central Business District," AfRES afres2015_107, African Real Estate Society (AfRES).
    • Handle: RePEc:afr:wpaper:afres2015_107
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    More about this item

    Keywords

    Johannesburg Central Business District (CBD); Office Buildings; rental prices; Urban decay;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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