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Provincial Office Rental Accommodation- Technical Report

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Provincial Office Rental Accommodation- Technical Report 23 February 2018 Provincial Report Report Comparative Review on Provincial Government Office Rental Accommodation / Gauteng Government Technical Advisory Centre (GTAC) Government Technical Advisory Centre (GTAC) Comparative Review on Provincial Government Office Rental Accommodation / Gauteng Acknowledgements We wish to acknowledge the participation and support of the Gauteng Provincial Government, in particular the Gauteng Department of Infrastructure Development, as well as stewardship of the National Treasury Intergovernmental Relations (IGR), GTAC and the National Department of Public Works Disclaimer This document is expressly provided to and solely for the use of Government Technical Advisory Centre (GTAC) on the Comparative Review on Provincial Government Office Rental Accommodation and takes into account their particular instructions and requirements. This report has been prepared based on information received from Provinces. Whilst reasonable endeavours have been used in the filtering of data, the results of the analysis will be impacted by inaccuracies and/or omissions in the information and documentation provided to us. The information was provided by the provinces during July 2017 – September 2017. The analysis hence reflects the state of leasing at that point in time. The scenario analysis is based on a reference data of 01 December 2017. The market data used has been source from independent reports. Assumptions have been made in extrapolating market data to areas not covered in the independent market reports. The scenarios tested in this report in respect of potential saving have been executed at a portfolio-level in line with scope of the project, and in a particular time frame. Actual savings must be determined on a lease-by-lease basis, and the relevant time. Government Technical Advisory Centre (GTAC) Comparative Review on Provincial Government Office Rental Accommodation / Gauteng Contents 1 Introduction 1 Scope 1 1.1.1 Delimitations 1 2 Policy and Institutional Context 1 Asset Custodianship 1 Lease Expenditure Budget 1 Procurement 1 Other Relevant Comments 2 3 Lease Data 2 Urban Classification 2 Assumptions 3 Parking 3 4 Expenditure Analysis 3 Analysis 3 4.1.1 Factors impacting expenditure 3 4.1.2 Descriptive analysis 3 Results Overview 4 Rental expenditure per urban classification 4 4.3.1 CBD & Main Centre 5 4.3.1.1 Current leases 5 4.3.2 VTSDs 6 4.3.2.1 Expired leases (MTM) 6 Rental expenditure - effect of lease maturity (current leases) 6 Rental expenditure – effect of expired leases (MTM) 7 Landlord Profile 7 5 Potential Cost Savings 8 Appendix A 13 Lease Register 13 Government Technical Advisory Centre (GTAC) Comparative Review on Provincial Government Office Rental Accommodation / Gauteng List of Tables Table 1: Portion of provided leased used for the expenditure analysis ..................................................... 2 Table 2: Proportion of leases above market ......................................................................................... 4 Table 3: Current Leases in the CBD & Main Centres .............................................................................. 4 Table 4: Proportion of leases above market per urban classification ........................................................ 4 Table 5: Current leases, in the CBD/Main Centre, contributing the most to expenditure above market ........ 5 Table 6: Expired leases, in the VTSD, contributing the most to expenditure above market ......................... 6 Table 7: Expenditure per landlord (top 10 of known landlords) ............................................................... 8 Table 8: Gauteng Leases ................................................................................................................... 8 Table 9: Potential Savings (best case scenario) .................................................................................. 11 Table 10: Potential Savings (premium to market) ............................................................................... 11 List of Figures Figure 1: Rentals relative to percentage of lease completed, in the Gauteng CBD & Main Centre areas ........ 7 Figure 2: Period that leases have been expired, in the Gauteng VSTD area .............................................. 7 Rev Originator Approved Date draft Turner & Townsend 11 December 2017 draft 2 Turner & Townsend 28 February 2018 final Turner & Townsend 27 March 2018 © Turner & Townsend (Proprietary) Limited. This document is expressly provided to and solely for the use of Government Technical Advisory Centre (GTAC) on the Comparative Review on Provincial Government Office Rental Accommodation / Gauteng and takes into account their particular instructions and requirements. It must not be made available or copied or otherwise quoted or referred to in whole or in part in any way, including orally, to any other party without our express written permission and we accept no liability of whatsoever nature for any use by any other party. F:\TTMS\COMMISSIONS\SN11029 -GTAC PER PORA\7 - DELIVERABLES\GTAC PER - PROV OFFICE RENTAL ACCOM (GP) - V0.1 DRAFT.DOCX Government Technical Advisory Centre (GTAC) Comparative Review on Provincial Government Office Rental Accommodation / Gauteng Abbreviations Adj Adjustment Avg Average CBD Central Business District Exp Expenditure MTM Month-to-Month PER Performance and Expenditure Review GTAC Government Technical Advisory Centre VAT Value Added Tax VTSD Villages, Towns and Small Dorpies Glossary of Terms Benchmark Industry benchmark for rentals costs, provide by Rode Report and other. Term used interchangeably with “Market” in this report. Extent Leased area – referenced in square meters (m2) Grade Office building classifications according to definitions as set out by SAPOA (South African Property Owners Association) Main Centre Main Centre refers to an urban area with significant economic activity and an office rental market for which there are industry benchmarks Market Market refers to the Benchmark (as above). Term used interchangeably with “Benchmark” in this report. MTM Month-to Month leases are expired leases, that are running on a month-to-month basis Month-to (leases that are not yet renewed or terminated after expiry) Month VTSD The term “Villages, Towns and Small Dorpies” is used to refer to non-urban areas, where there is not necessarily an established office rental market, and does not have industry benchmarks. 01 Government Technical Advisory Centre (GTAC) Comparative Review on Provincial Government Office Rental Accommodation / Gauteng 1 Introduction This report provides the results of the spending review on office accommodation in Gauteng, as part of a National Treasury commissioned study into Provincial Government Office Rental Accommodation across the country. Scope GTAC commissioned a comparative spending review of provincial government office rental accommodation allowed for assessment of current spend against market norms. The objectives of the project were to: . Quantify and analyse expenditure by provincial government on the rental of office accommodation . Assess value for money by providing relevant comparators for rental costs . Determine the key drivers of rental cost expenditure and escalation . Make recommendations for achieving greater value for money in expenditure on rented office accommodation 1.1.1 Delimitations The scope was specifically on commercial office accommodation, leased in from private land lords and excluded expenditure by provinces on the rental of agricultural land, offices in specialised facilities (e.g. schools, hospitals / clinics, polices stations etc.). 2 Policy and Institutional Context Asset Custodianship . In terms of the Government Immovable Asset Management Act, Act No 19 of 2007, (GIAMA), the Department of Public Works is the custodian of all state immovable assets, including leased accommodation. As of 2012 all Head Office space is leased through Gauteng Department for Infrastructure Development (GDID). Lease Expenditure Budget . Lease Expenditure Budget for Head Office Premises falls under the GDIFD. Budget for Regional Offices falls under Client Departments. Payment is made by the Client Departments through BAS and on the basis of an SLA between the DPW and the relevant Department. Procurement . Gauteng follows the open-tender process for acquisition of leases. GDID interrogates Client Departments’ needs analyses based on Client UAMPS. Market analysis is done at time of bid. Gauteng enjoys relatively good access to market data relative to other Provinces. Short term leases (5 years or less) are being negotiated due to the proposed Precinct plan. GDID is discouraging negotiation of leases. 01 Government Technical Advisory Centre (GTAC) Comparative Review on Provincial Government Office Rental Accommodation / Gauteng Other Relevant Comments . Office Grade is not recorded by GDID . Verification of lease occupation & premises data is only done at time of bid, not during lease term. Lack of supply in some areas is identified as a key challenge to obtaining market related rentals. The expected substantial increase in Assessment Rates in JHB is seen as key risk to the Province. 3 Lease Data Lease data as per Lease Registers provided by the Province were filtered. Leases meeting the following data criteria were used in the Expenditure Analysis: 1 Leases of “commercial” office accommodation only. Leases on land, warehouses etc. and leases on offices located in schools, hospitals etc. were excluded. This was done because those leases
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