I wrote this article a hundred times last night. Between say 2.00 to 4.00 AM.
How to write it; what to say. Will it be clear, etc. There are at least 6 / 7 PhD papers to tease out here in: valuation/appraisal X 2; Monetary Policy X 1; Investment X1; Finance X2; etc.
GEM Three™ started very early on in my career; perhaps in my second year in 1985. I started to realise that the physical dimensions of property, particularly in retail and the resultant rental rate produced eg. $500.00 a square metre (sq. ft.) had perhaps had nothing to do with market. At that point I had not even dreamt about market value; market rent was not even a concept that I had got my head into.
I then studied property valuation. With a comprehensive commerce, economics, law and then valuation degrees / diploma had an exciting and intense stint in property management, in a broken portfolio, under the then stewardship of Mr Kingsley Rowland. He had just gleaned the latest in commercial management in an 8-week World-Wide trip sponsored by SAPerm who were members of SAPOA (‘South African Property Owners Assoc’).