INVESTOR INTELLIGENCE
According to Cindy , one of the key success factors is to have resilience . “ Having a sense of optimism , self-belief and courage , despite the odds are important characteristics to have if one is considering starting their own business in the unpredictable and volatile South African economic landscape ,” she points out , adding that three of her fellow EO members have demonstrated an inspirational ability to turn adversity into opportunity during recent tough times .
Bradley Porter , formerly of Flexible Workspace and now Connect Space
Bradley Porter of Connect Space , a specialist property management company was tripped up by both the Covid pandemic and an illjudged decision to expand the business when the commercial property market was already in a bad space .
He explains what happened : “ At its peak , Flexible Workspace had 20 full-time employees , supported several partner businesses , managing six centres , split over two regions and totalling over 8000m2 . What we didn ' t realise was the long-term impact of the Gautrain on the Sandton property market . To recover the massive investment in this project , the city of Joburg increased the bulk allowance to boost its rates base . The result was that the market became a game of musical chairs with big law firms and other head offices moving out of their old stale spaces into flashy new ones . With no new entrants into this market , the vacancies remained high . Couple this with the increasing popularity of serviced offices which meant that brokers and opportunists were fueling a market that could never be sustained . The result was an oversupply of stock and dwindling demand .”
122 OCT 2022 SA Real Estate Investor Magazine