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CCID launches economic report on Central City

by Sharon Sorour-Morris 12 Oct 2020
SCCR cover

It’s here! The eighth edition of the State of Cape Town Central City Report 2019 – A year in review, the CCID’s annual investment guide that details the CBD’s economy last year, has just been published.

Resilience is one of the key themes of the latest State of Cape Town Central City Report 2019 – A year in review. Despite a tight economy, the consequences of the devastating 2018 drought and ongoing loadshedding, Cape Town - and its Central City - held its own economically in 2019, with the city receiving countless accolades and awards and a strong vote of confidence from investors, businesses and leisure visitors and residents.

While Rob Kane, CEO of Boxwood Property Fund and CCID chairperson, confirmed that 2019 had been incredibly difficult due to the tough economic climate, the city held its own, which is reflected in the value of Central City property, as well as the total value of property investments (completed, planned, proposed or under construction) in the CBD during the year under review.

The report reflects on the big picture of the economy of the Central City. It analyses retail trends, commercial and residential property trends, occupancy and vacancy rates, and highlights the performance of key Central City economies. In the year under review, the art economy was a driver of economic growth following Cape Town’s emergence as Africa’s art capital, as well as the knowledge and eventing economy. The report also includes an investigation into the night-time economy and details the findings of two dipstick surveys conducted by the CCID (on First Thursdays and why residents love living in the Central City).

While the focus is 2019, the report also reflects on the impact of Covid-19 on the CBD’s economy and how the disaster has also inspired innovation.

Note: The article appeared in the spring edition of City Views.

IMAGES: CCID