01
Cap rates and yield context
Node-level cap rates for office, retail and industrial, cross-checked across the major SA institutional sources, with the range and the direction of travel across recent quarters.
PrizmResearch
The market inputs a committee will actually accept.
Cap rates, market rentals, vacancy, escalation and cost benchmarks — triangulated across the major South African institutional datasets, sourced to the node and asset class, and calibrated for the deal at hand.
Part of the Prizm Method
Research can be commissioned on its own — a standalone brief, with no wider engagement required. It is also the first stage of the Prizm Method, producing the defensible assumptions everything downstream depends on. See how it fits →
The premise
A pack is only as defensible as the inputs behind it.
Every number that shapes a deal — the cap rate, the market rental, the vacancy assumption, the escalation, the operating cost ratio — moves the answer. A committee that cannot see the source will reach for the harshest source of its own. Prizm's research work is the layer that sits underneath the model and the memoranda.
The cycles
Property, seen through the cycles that shaped it.
The variables that move South African property ownership through each cycle — plotted from 2004 to today. Toggle to see the interactions that shaped each era.
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Overlay
Applies to rate series only, not y/y measurements.
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All series are empirical observations, sourced from SARB, Stats SA and the JSE.
Coverage
Five layers of market evidence, per node and per asset class.
02
Market rentals
Achievable base rentals per m² by grade and node, with typical escalation, incentive and turnover assumptions built into the underwriting rather than assumed at face value.
03
Vacancy and absorption
Node-level vacancy benchmarks and absorption context — where a building's void assumption sits against the market it competes in, not the market at national average.
04
Ownership and operating costs
The recoverable-versus-non-recoverable split, municipal rates and utilities, insurance, and management overhead — benchmarked so gross-to-net is defended, not asserted.
05
Comparables and transaction context
Recent transactions and listed-sector reference points that anchor value and cap rate in the market a committee can see, not one an underwriter has assembled internally.
Sources
Triangulated across the institutional datasets a committee already trusts.
Every input is drawn from institutional datasets the market already trusts, and complemented by primary observation — brokers active in the node, recent transactions, and the leases actually being signed.
No single source is treated as sufficient. Where sources disagree, the disagreement is documented and the range is carried through to the model.
Deliverables
Two ways to commission the work.
Deal briefs — a targeted market pack behind a specific transaction, feeding directly into the investment pack and the credit memorandum. Delivered to the transaction's timeline.
Standing coverage — periodic market reviews for owners and investors carrying a portfolio, covering the nodes and asset classes on the balance sheet. Delivered on a rolling cadence, so the numbers behind the next decision are already in the room.
Contact
Commission a research brief.
Best fit: sponsors, investors and lenders who need the market inputs behind a live transaction, or standing coverage of the nodes on the balance sheet.
Office
21 Abelia Rd, Kloof, South Africa
WhatsApp
+27 83 462 9254