According to a new analysis by South African commercial property data company Gmaven, Johannesburg’s commercial property market is valued nearly R200bn below comparable Cape Town-adjusted levels. The study draws on Gmaven’s database and examines, for the two municipalities, 25 700 properties alongside 1 706 high-value commercial property transactions recorded since 2020. Cape Town and Johannesburg municipalities: rentable space by property category. Johannesburg office space has traded at a weighted average of R10 121 per square metre since 2020, compared with R20 524 in Cape Town. Gmaven’s analysis also estimates that replacing Johannesburg’s existing commercial property stock would cost roughly R857 billion, compared with its estimated market value of roughly R376 billion.