INNER-CITIES
How Under-35s are Reclaiming South Africa ’ s Inner-Cities by Justine Adriaanzen
When the COVID-19 pandemic first hit in 2020 , the Central Business Districts ( CBD ) of the country ’ s major metropolitans Durban , Johannesburg and Cape Town became ghost towns as the cities were on lockdown and office workers were forced to work from home .
Two years later , some working professionals have chosen to take advantage of flexible work-from-home policies and flee the city for smaller towns , often in search of a more relaxed lifestyle for their family . However , an unusual demographic has moved in to take their place and revitalise the CBD : younger millennials and Gen Z ’ s aged between 20 and 35 .
“ This age group of under 35s typically has more disposable income and therefore greater spending power , and they are choosing to inject that cash into the inner-city ,” says Justine Adriaanzen , Commercial Real Estate
Consultant for Galetti Corporate Real Estate . “ The renewed interest in the country ’ s major CBDs from a younger demographic will have a positive knock-on effect on the economy and property market at large .”
“ Property developers are capitalising on this new market by converting old and / or abandoned buildings into trendy mixed-use developments . More local businesses such as clothing boutiques , homeware stores , artisanal retailers , upmarket bars and restaurants are now opening to cater to these residents and office tenants .”
Renewed investment and activity have also motivated city officials to ramp up crime prevention to revitalise key CBDs – such as the launch of Operation Buya Mthetho which has deployed 1800 JMPD officers to help fight crime in the Johannesburg CBD .
42 APRIL 2022 SA Real Estate Investor Magazine