In2assets Blog: Commercial property auction news

Three great properties are coming up for auction this month in Pietermaritzburg. The first property is located at 17 King Street, Western CBD in Pietermaritzburg

In2assets will at its next major multi-property auction on June 3 at 11am call for bids for prime commercial property in Umhlanga. The sale will be a live studio disposal with auctioneer, Andrew Miller, calling for online bids.

In2assets hosted its first “Live Studio Online Auction” of property last Tuesday with “phenomenal results”, according to the company’s Managing Director, Hein Hattingh.

Strengthening of Commercial Rentals Despite the political and economic upheaval that the country has been experiencing over the past year or so, commercial rentals have strengthened. In 2019, we saw many commercial renters who had originally planned to vacate their premises at the end of their lease period, decide to stay put rather than putting their liquidity at risk in the unfavorable economic climate. As a result, we saw purchases and sales decrease, but rentals increase. While businesses might delay buying property for a year or two, they will be negotiating hard for a good deal with their current landlords. With a high vacancy rate, landlords who fail to reach an agreement with their tenants are likely to lose them. As a commercial property owner, be open to negotiation if you have a good tenant that you want to keep. Unexpected Asset Availability Due to the economic and political instability of the last few years, a number of commercial properties that would not normally be available, have come to the market. For investors that are looking for unique investment opportunities, this presents some excitement. For those investors who are flexible, well-informed and have the foresight to act quickly, taking advantage of the current climate will have some long-term benefits. Changing workspace dynamics Remote work and working from home continues to gain popularity, which not only affects the residential property market, but the commercial market too. With more people out of the office, there is a definite movement towards smaller office spaces, with large ones becoming more and more difficult to rent and sell. We are also seeing an increase in co-working environments and on-demand office space, as workers priorities a balanced lifestyle and convenience over prestigious office spaces. For investors looking to take advantage of this change, adapting their commercial property options to stay relevant will be key, presenting profitable opportunities for the future. Be sure to keep up with the commercial properties on auction in your area. You never know when the perfect property could come along! Take a look at our website or chat to one of our property auction experts for more assistance.