“ From our own experience in selling commercial property in the CBD and surrounding neighbourhoods ( including the prestigious Media Mill building in Milpark ) we have noted high levels of confidence from both investors and prospective tenants regarding the development potential of these once-neglected areas ,” Adriaanzen adds .
MILLENNIAL INNER-CITY MOVES
Much of what makes the CBD attractive to the younger demographic is the fast-paced and creative lifestyle it offers . “ Savvy property developers are noticing the demand and are fulfilling this age groups ’ desire to move to the CBD ,” says Adriaanzen .
She shares the key factors influencing millennial ’ s choices to move to the inner-city as follows :
PROXIMITY TO OFFICES : “ While many young South Africans are working from home , the easing threat of COVID-19 has many offices reopening and young employees are looking to be close to work and avoid the long commute .”
PUBLIC TRANSPORT : “ With parking at a premium in the city and the petrol price increasing , many are choosing to ditch their cars and take advantage of bus routes and trains to get around . Developments near MyCiTi bus stops in Cape Town and the Gautrain Park Station in Johannesburg ’ s CBD stand to benefit .”
TRENDY RESTAURANTS & BARS : “ Young people are looking to be close to the action of the city and to patronise popular restaurants and coffee shops .”
ON-SITE LIFESTYLE AMENITIES : “ Millennials and Gen Z ’ s prioritise convenience and lifestyle in their living space , and developments with gyms , co-working facilities and even retail stores on-site are in high demand .”
MODERN DESIGN : “ Fast Wi-Fi , city views , ‘ Smart ’ TVs and sleek finishes in apartments have proven to be popular with this age group , as they are even willing to choose these features over greater square footage .”
NOISE PREVENTION & SAFETY : “ An inevitable feature of inner-city living is street noise , so developers are encouraged to implement noiseblocking features such as doubleglazed windows in their units . Another huge consideration in these areas is safety and a 24-hour security guard , biometric access and CCTV cameras are security measures that most millennials will be unwilling to compromise on ,” Adriaanzen concludes .
SA Real Estate Investor Magazine APRIL 2022 45