Property market reflects business growth

ALAN PEAT THE PROPERTY market in the Eastern Cape is currently a good indicator of the growth in business in the region in recent times, according to Neil Stephen, regional manager for the Eastern Cape for the property and facilities managers, Colliers International. “We now have a pretty wide spectrum of business on our books,” he said, “ranging from simple taxi ranks to shopping centres and office parks,” he told FTW. In the retail sector, Stephen added, there has been quite an incredible upswing in all the centres of the Eastern Cape - a strong signal of growing consumer spending power resulting from the boost to the regional economy supplied by the likes of the automotive industry in both East London and Port Elizabeth. “We used to battle in the outlying areas,” he said, “but now all our centres in these areas are full because of an upturn in that market sector. “Our offices are fully let as well.” Looking at developing more business, Stephen points to Colliers becoming more involved in property development. “One way is earmarking the potential sites,” he said, “then putting together appropriate developments. That’s something we’re currently looking at in East London.”