Year in review

Premier of the Western Cape

Executive Mayor of Cape Town 2020 was a year that no one will easily forget as the Covid-19 pandemic closed borders and shut down economies around the globe.

Unfortunately, Cape Town and the Western Cape were not left unscathed and a walk through the Cape Town CBD gives a sobering perspective on the impact, as many businesses have closed their doors.

Despite the difficulties, we are not without hope. During the lockdown we saw businesses and individuals stand together to save lives, whether it was our restaurants providing meals, or the Cape Town International Convention Centre (CTICC) opening its doors as a world-class field hospital.

The word “pivot” became a 2020 buzzword precisely because of the ways that businesses switched things up, innovated and changed to continue trading and save jobs.

The switch to a new way of working also presented the City of Cape Town with a number of opportunities. In 2021, Cape Town was named as one of the 50 best places for remote working by Big 7 Travel and local, shared workspace Workshop 17 took top honours in the Global Startup Awards. We are working to support our tourism industry by promoting this region to remote-working visitors who tend to stay longer, injecting more into our local economy.

The Western Cape and the City of Cape Town are firmly focused on economic recovery and job creation, and we are taking steps to ensure energy security in our future. This complements the work we have already done to improve our resilience and is integral to our economic recovery interventions.

The Western Cape and Cape Town remain excellent places to live, work and invest, and the State of Cape Town Central City Report 2020 – A year in review (Covid-19 edition) once again provides a treasure trove of information. Easy access to data like this helps to inform decisions by businesses, investors, property owners and residents alike, and represents a step towards bringing the life, energy and jobs back to our city, our CBD and our province.

As we look back on 2020, it’s clear that as the world grappled with primary health concerns created by the coronavirus pandemic, great uncertainty and confusion was evident in many aspects of our daily lives.

It is therefore reassuring to read the CCID’s State of Cape Town Central City Report 2020 – A year in review (Covid-19 edition), a document based on facts, figures and solid data that greatly assists with reliable forecasting and trend analysis.

We have shown countless times that Cape Town and its residents are resilient, and that we can weather many shocks and disruptions, and bounce back even stronger than before.

In the wake of Covid-19, the City of Cape Town put measures in place to support local businesses and stimulate Cape Town’s economy. During the height of the pandemic in 2020, by working with strategic business partners, we were able to secure over R11 billion in investment. During the same period, we approved building plans worth over R5.2 billion, thereby ensuring that the construction industry, a major employer in Cape Town, would be able to return to work without delay once the national government lowered the initial lockdown levels. This speaks volumes about the trust and value that investors place in our beautiful city, its reliable infrastructure and our fantastic people.

We continue to experience challenges as we grapple with adapting to a new way of working and living. While a number of businesses have, sadly, had to close their doors, it is very reassuring that many others have found opportunities and have opened new doors.

I know that by working together, our vibrant, dynamic and ever-changing Central City will continue to be the economic and cultural heartbeat of Cape Town. With world-class conference facilities, countless art galleries, museums and creative spaces, a pedestrianised urban environment making access to restaurants and businesses even easier, and the friendliest people around, we are already seeing the foot traffic return to downtown Cape Town.

3 Letter from the CEO & chairperson of the

CCID Board 4 Year in review 6 Surviving Covid-19: Tim

Harris, Patrick Buthelezi,

Bronwyn Williams

10 Cape Town in context 12 Investing in the Mother City 14 Investment partners 16 The Central City in numbers 18 Doing business in the

Central City 19 Breakdown of businesses in the Central City

20 Property investment map 22 Commercial property trends 25 Commercial property vacancy rates 26 Future of the office 27 Co-working holds its own 28 Future of work 30 Residential property trends 32 Residential values & rentals 35 Residential survey

36 Retail economy trends 38 Retail economy in figures 40 Retail occupancy rates 42 Retail confidence survey 44 BPO drives investment 45 Cannabis – a growing economy 46 The visitor economy

48 Precinct 1: The Foreshore 54 Precinct 2: The inner city 60 Precinct 3: Legal, leisure & cultural hub 66 Precinct 4: The East City