According to News24wire It is important to remember that the commercial property sector contributes about R50bn to the gross domestic product (GDP) of Gauteng, says Kobus van der Vyver, property development manager at Urban-Econ Development Economists. The commercial property sector employs almost 350 000 people, accounting for 7.84% of all the jobs in the province.
He spoke at the annual convention of the South African Property Owners Association (Sapoa) about the role and impact of the commercial sector in Gauteng. He cautioned that if property developers and municipalities cannot work well together it is to the detriment of all. He also noted that a shortage of skills at municipalities is often a challenge as well as a lack of an overall municipal management structure relating to commercial property.
The Urban-Econ report found that the relationship between the private and public property sectors in Gauteng has a significant role in terms of property development. “It is the public sector’s role to ensure that the development goals and visions are transpired to the private sector in order to ensure that any property development that takes place is cooperative. The role of the private sector is largely pro-development and investment driven.”
