Latest news with #VirginiaAirport
IOL News
03-07-2025
- Business
- IOL News
Shifting trends: 19. 3 per cent of office properties now being converted to residential and mixed-use developments
The Virginia Airport site is now a R10 billion investment that will start this year to 2030 and create 10 000 jobs. The strategic plan is to redevelop the airport site for mixed-use purposes, including high-end residential and commercial use. Image: Graphic: Supplied A notable 19.3% of office property purchases are intended for conversion to residential or mixed-use developments, according to brokers' estimates. Residential conversions are playing a critical role, especially in Johannesburg, says John Loos, the senior property economist for Commercial Property Finance at FNB. In the first quarter of this year, the FNB Property Broker Survey included a new question on the main reasons for buying office property. The options provided were company purchase for own office use, investment to lease as office space, conversion to residential or mixed use and others. He said aggregated responses from the first and second quarters provided revealing insights. 'Nationally, 43% of buyers were purchasing for their own use, while 36.4% were investors. A noteworthy 19.3% were acquiring office properties with the intention of converting them to residential or mixed-use, an important mechanism for absorbing excess office space is unlikely to be needed in the future, Loos said. Regionally, he said Johannesburg shows the highest conversion intent, with 38.1% of office property purchases estimated to be for repurposing. Nelson Mandela Bay was at 17.1% and Tshwane (14.9%) followed, while Cape Town (4.6%) and eThekwini (1.3%) showed minimal conversion activity. These figures likely reflect healthier market fundamentals and lower vacancy rates in the coastal metros, Loos said. He said that, however, this also means that in cities like Cape Town, opportunities to address housing shortages by repurposing underused office space are limited-particularly in high-demand areas such as the City Bowl. Loos said many of the challenges facing the office property market in recent years have been well-documented. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ He said when Covid-19 lockdowns began in 2020, there was a surge in remote and hybrid working, sparking debate around the future need for office space. He added that some companies reduced their office footprints to accommodate greater levels of remote work. 'While much of the initial hype around working from home (WFH) was overblown, many employees eventually returned to the office-though not in the same numbers as before the pandemic. Long before Covid-19, however, advances in technology had already enabled more flexible work arrangements. "These trends are expected to continue gradually in the post-pandemic 'new normal',' Loos said. Additionally, the senior property economist said productivity improvements driven by technology have allowed office-dependent sectors to grow without proportionally increasing their workforce numbers, curbing long-term demand for office space. At the same time, he said digitisation has reduced the need for physical document storage, further lowering space requirements. The financial institution's commercial property finance unit said South Africa's sluggish economic growth since the early 2010s has also played a role, limiting formal employment growth and, by extension, the demand for office space. 'Unsurprisingly, these factors led to a sharp rise in the national office vacancy rate-from a post-GFC low of 9.2% in 2014 (MSCI data) to a peak of 18.2% in 2021/22, shortly after the hard lockdowns.' Since 2021/22, Loos said there have been encouraging signs of declining oversupply, particularly in the major coastal cities, with the national office vacancy rate declining to 15.8% in 2024-still high, but a notable improvement. 'Rode data paints a similar picture, with national average A+, A, and B-grade office vacancy rates dropping from nearly 18% in the first half of 2022 to 12.8% in Q1 2025. Although this remains above the long-term average of 9.5%, the trend is positive.' Loos said. He said that, however, Rode data also reveals a regional divergence with Cape Town and Durban's decentralised markets showing vacancy rates just above 8%, possibly supported by a growing demand for call centre space. In contrast, Gauteng is said to remain under pressure, with this year's first quarter vacancy rates of 14.1% in Johannesburg and 13.4% in Pretoria. With regards to investment sentiment, 57% of brokers in this year's second quarter FNB Property Broker Survey believe that office property supply still exceeds demand. However, this is down significantly from the record high of 98.4% in the second quarter of 2021. New was said to have significantly slowed down the key factor in reducing oversupply, being the dramatic decline in new office space development. In 2024, only 82,942 square metres of office space were completed, an 86% drop from 2019 levels and a 90% decrease from the 2013 peak. The affordability improvements were said to support recovery with real (inflation-adjusted) office rentals declining by 16.5% from the 2020 peak to 2024, while real capital values per square metre have dropped by 25.9% since the 2016 high (MSCI data adjusted for GDP inflation). For both tenants and investors, office space has become more affordable, another factor helping to reduce oversupply. In conclusion, Loos said the office property market is gradually 'right-sizing' amid structural shifts in demand. 'While reduced new developments and improved affordability have played important roles, residential and mixed-use conversions-particularly in Johannesburg-are emerging as a key solution to the sector's oversupply. "The future of the office market lies in its ability to adapt to long-term changes in work patterns, economic conditions, and urban development needs.'
The Citizen
14-06-2025
- General
- The Citizen
Aircraft crash victim to be laid to rest in Nkandla
Aircraft crash victim to be laid to rest in Nkandla One of the victims of this week's light aircraft crash in the KZN Midlands will be laid to rest on Monday in Nkandla. ALSO READ: Search for missing aircraft ends in tragedy Siphesihle Buthelezi (20), a medical student, was among the two pilots who lost their lives when the aircraft disappeared on Sunday after departing from Virginia Airport in Durban North. ALSO READ: Condolences extended to KZN light aircraft crash victims' families Transport and Human Settlements MEC Siboniso Duma remarked, 'We must continue to pray and support the family of Siphesihle. 'He was a promising young star. He will be deeply missed.' Don't have the ZO app? Download it to your Android or Apple device here: HAVE YOUR SAY Like our Facebook page and follow us on Twitter. For news straight to your phone invite us: WhatsApp – 060 784 2695 Instagram – zululand_observer At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
The Citizen
13-06-2025
- The Citizen
Condolences extended to KZN light aircraft crash victims' families
THE DA in KZN has called for a probe into the circumstances that led to the light aircraft crash in the Midlands earlier this week. The tragedy claimed the lives of all three occupants aboard the aircraft. According to reports, the aircraft disappeared on Sunday, after departing from Virginia Airport in Durban. ALSO READ: Search for missing aircraft ends in tragedy On Monday, the Aeronautical Rescue Co-ordination Centre confirmed it had located the aircraft crash site. The DA said it is deeply saddened by the incident and extends heartfelt condolences to the families, friends and loved ones of the deceased. 'The loss of a young student pilot – who was reportedly operating the aircraft – is particularly devastating, as it represents not only the end of a promising future, but also a loss to South Africa's aviation sector,' said the party. ALSO READ: CIT heist causes havoc on N2 KZN DA Spokesperson on Transport Riona Gokool commended the efforts of all emergency personnel and search and rescue teams who worked tirelessly to locate the missing aircraft. 'Their dedication and professionalism in the face of adversity must be acknowledged and appreciated,' said Gokool. Gokool added that Transport MEC Siboniso Duma confirmed that the matter will be handed over to the SAPS Accident and Incident Investigation Division and the South African Civil Aviation Authority for an official investigation. 'As part of KZN's GPU, the DA is committed to closely monitoring this process. We believe particular attention must be paid to the role that adverse weather conditions, pilot training, flight planning and aircraft condition may have played,' said Gokool. 'The findings of this investigation must inform immediate steps to strengthen aviation safety standards and ensure such tragedies are not repeated. 'As a nation, we must honour the memory of those lost by demanding accountability, learning from this incident, and by putting robust measures in place to protect all who take to our skies,' said Gokool. Don't have the ZO app? Download it to your Android or Apple device here: HAVE YOUR SAY Like our Facebook page and follow us on Twitter. For news straight to your phone invite us: WhatsApp – 060 784 2695 Instagram – zululand_observer At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
TimesLIVE
11-06-2025
- General
- TimesLIVE
Family raised alarm on light aircraft crash which claimed three students
A light aircraft crash claimed the lives of three students after it departed Virginia Airport in Durban on Sunday afternoon. The aircraft was last tracked flying over Ladysmith before losing contact, which prompted a large-scale search and rescue operation. KwaZulu-Natal transport and human settlements MEC Siboniso Duma confirmed the Aeronautical Rescue Co-ordination Centre (ARCC) notified authorities that the student-piloted aircraft had gone missing shortly after 3pm. The aircraft was en route to Johannesburg and scheduled to refuel in Greytown after a change in flight plan from the original stop in Mnambithi. KwaZulu-Natal traffic anchor Ayanda Msweli said the alarm was first raised early on Monday morning by the family of student pilot Nqobile Biyela. 'The student pilot's mom, who was in Johannesburg, and another relative in Empangeni, contacted us at about 7am to report the aircraft missing. The student's aunt clarified that the mother would follow up as they were urgently seeking help to locate the [aircraft].' According to Duma, his department, in collaboration with the ARCC, mobilised to assist in the search, taking into account severe weather conditions as forecast by the SA Weather Service. The department also worked closely with the head of department Siboniso Mbhele, co-ordinating efforts with local transport forums in Umgungundlovu and Uthukela districts and activated community leaders to assist. The wreckage of the aircraft was discovered on Monday morning in the Midlands, confirming the deaths of the three occupants — student pilots Biyela, 23, and Lulama 'Lwazi' Msane, 23, and medical student Siphesihle Buthelezi, 20. Duma expressed his condolences, adding the crash happened in Youth Month. 'Our hearts go out to the families and friends of these promising young individuals. This is a tragic moment for all of us.' According to Msweli, the aircraft was one of a group of three flying from Durban to Johannesburg. 'Three aircraft left Durban for Johannesburg. The plan was to refuel in Mnambithi, but it was changed to Greytown.' The first aircraft encountered difficulty during its approach and crash-landed in a nearby field near Greytown Airport. 'That plane wasn't able to land properly and crashed in bushy terrain,' said Msweli. 'The two pilots on board were not injured.' The second aircraft landed safely, refuelled and continued its journey. The third plane, flown by Biyela, never made it to its destination. 'It crashed into a field filled with gumtrees. There were three people on board,' said Msweli. Duma said the crash is being investigated by SAPS and the South African Civil Aviation Authority (SACAA) and a report is expected from the SACAA accident and incident investigation division within 30 days. 'The report will serve as a source of comfort for the families. We are aware that postmortem examinations will be essential in identifying the causes, injuries and survival factors of this crash.' Eagle Air, the aviation school at which the students were training, said the loss was a blow for the aviation industry. 'As a close-knit aviation family, we feel this loss profoundly. This is a painful moment for all of us — one that hits close to home. We are heartbroken by this devastating loss and extend our deepest condolences to the families and friends of those who have passed.' In honour of the victims Eagle Air announced the temporary suspension of its flight operations. 'We will close our flight school for the coming week to provide space for mourning and reflection. This time will be dedicated to supporting the families, our staff, our students and the broader community who are grieving.'
IOL News
11-06-2025
- General
- IOL News
Investigators probe final moments before fatal Piper Cherokee wreck
Nqobile Biyela, Lulama 'Lwazi' Msane and Siphesihle Buthelezi died in a plane crash in KZN. Image: Supplied/Se-Anne Rall/IOL Investigators are piecing together what happened in the moments before a Piper Cherokee crashed in KwaZulu-Natal, claiming the lives two pilots and a medical student on board. The deceased have been identified as 23-year-old student pilots Nqobile Biyela and Lulama 'Lwazi' Msane, along with 20-year-old medical student Siphesihle Buthelezi. IOL reported that the small aircraft departed from the Virginia Airport in Durban, at the weekend. Nqobile Biyela Image: Supplied Lulama 'Lwazi' Msane Image: Supplied Siphesihle Buthelezi Image: Supplied MEC for Transport and Human Settlements Siboniso Duma, confirmed that the South African Civil Aviation Authority (SACAA) and the South African Police Service (SAPS) have launched a formal investigation. "A report from the Accident and Incident Investigation Division is expected within 30 days," he said. Duma added that the grief experienced by the families, friends, and peers of the victims was unbearable and urged the public to continue offering support and compassion to the bereaved families. "We are fully aware that post-mortem examinations of the victims by trained pathologists will be critical in terms of highlighting causative factors, crash injuries, and survival factors," Duma said. He said his department is in touch with the families of the deceased. "It is sad that, during Youth Month, we lose the lives of dedicated and intelligent young people who were destined to take the aviation and healthcare industries to the next level," he said. IOL News Get your news on the go, click here to join the IOL News WhatsApp channel.
