François Viruly breaks down South Africa's premium (P-grade) office market: national stock held at ~2.3M sqm over the past year, while take-up fell ~20,000 sqm (partly from regrades to A). Gauteng holds ~78% of premium stock, with Sandton alone at ~34%, Rosebank 11% and Century City 5%. Strongest occupied-space gains: Bellville (+42,052 m²), Century City (+19,090 m²) and Sandton (+14,841 m²). SAPOA's Q2 2026 survey put national vacancy at 12.1%, down from 13.3% a year earlier.

Demand is selective, not fading: premium is consolidating in a few high-quality nodes even as overall vacancies ease. Same pattern flex operators see when enterprises chase the best buildings, not just any empty desks.