| In South Africa's fourth property cycle (1978--1992) and the beginning of the fifth property cycle (1992--1997), the location of high value office space in the Johannesburg Metropolitan Region changed, moving from the central business districts (CBD) to the northern suburbs of the city. The changed location contradicted real estate capital's location investment decisions in the previous three cycles. This thesis examines the process of urban spatial change and attempts to isolate its drivers. The research methodology included an examination of quantitative and qualitative data. The dissertation finds that supply of capital, changing imperatives of local government, political factors and deracialization of the CBD were key factors driving that change, while economic growth played no role. |
