South African Office Sector as an Investment Opportunity - Free Essay Example

Sample details Pages: 7 Words: 1965 Downloads: 7 Date added: 2017/06/26 Category Economics Essay Type Research paper Tags: Africa Essay Did you like this example? SOUTH AFRICAN OFFICE SECTOR AS AN INVESTMENT OPPORTUNITY TABLE OF CONTENTS DECLARATION CHAPTER 1: THE RESEARCH BACKGROUND 1.1Introduction 1.2The research problem statement 1.3The research questions CHAPTER 2: BRIEF REVIEW OF THE RELATED LITERATURE 2.1Real Estate Investment as a Wealth Creation Tool 2.2Real Estate Investment Framework CHAPTER 3: ANALYSIS OF THE SOUTH AFRICAN COMMERCIAL OFFICE SECTOR 3.1Position of South African Listed Property Sector 3.1.12012 Performance 3.1.22013 Performance 3.1.3First Quarter of 2014 Performance 3.2Status of South African Commercial Property Market 3.2.12012 Performance 3.2.22013 Performance 3.3Condition of South African Office Sector 3.3.1Nominal Gross Market Rental Growth across All Grades of Regional Offices 3.3.2Nominal Growth of Regional A-Grade Office Gross Market Rentals 3.3.3Regional Pioneer-Grade Office Gross Market Rentals 3.3.4Regional A+-Grade Office G ross Market Rentals 3.3.5Regional A+-Grade Covered Reserved Parking Gross Market Rentals 3.3.6Rental Escalation Rates on New Leases across All Grades of Regional Offices 3.3.7Typical Gross Outgoings for All Grades of Regional Prime Offices 3.3.8Escalation Rates on Outgoings across All Grades of Regional Offices 3.3.9Capitalisation Rates for A-Grade Multi-Tenanted Regional Offices 3.3.10Typical Rent Free Periods across All Grades of Regional Offices 3.3.11Regional Vacancies CHAPTER 4: SUMMARY, CONCLUSIONS AND RECOMMENDATIONS 4.1Summary and conclusions 4.2Recommendations references . Don’t waste time! Our writers will create an original "South African Office Sector as an Investment Opportunity" essay for you Create order CHAPTER 1: THE RESEARCH BACKGROUND 1.1Introduction South Africaà ¢Ã¢â€š ¬Ã¢â€ž ¢s four traditional asset classes are equities, property, bonds and cash. As diversification essential to investment strategy, most investors opt to include either listed or unlisted property within their portfolios. According to Jones Lang LaSalle (2014: 5), around R15.8 billion of the R29 billion worth of sale transactions in 2013, an approximate 54.00%, occurred within the South African office sector. The value of transactions in the office sector improved from R7.6 billion in 2012 to R15.8 billion in 2013, an increase of around 109.00%. Approximately 60.00% of all sale transactions in 2013 occurred in the decentralised office nodes of Gauteng alone. The significant increase in the value of transactions was attributed to the aggressive acquisition of quality office properties by listed property funds. The most prominent transaction in 2013 was Growthpointà ¢Ã¢â€š ¬Ã¢â€ž ¢s purchase of The Towers in Alice Lane, Sandton Central Business District (CBD) from Tiber on a 7.40% yield for R563.6 million. Investorsà ¢Ã¢â€š ¬Ã¢â€ž ¢ review of the abovementioned data may leave many with the perception that the office sector might currently be the best performing property sector in South Africa. In order to determine the accuracy of such a perception, most investors will conduct a thorough analysis of South Africaà ¢Ã¢â€š ¬Ã¢â€ž ¢s listed property sector, professionally managed investment property portfolios and office sector on a nodal basis. 1.2The research problem statement Insufficient research by investors negatively impacts their broader understanding of the South African office sectorà ¢Ã¢â€š ¬Ã¢â€ž ¢s current performance. 1.3The research questions How has the South African listed property sector been performing in comparison to other asset classes over the short term? How has the South African office sector been performing in relation to the national retail à ¢Ã¢â€š ¬Ã¢â‚¬Å" and industrial sectors since 2012? How are the various nodes of the South African office sector currently performing? CHAPTER 2: BRIEF REVIEW OF THE RELATED LITERATURE 2.1What is outsourcing? Outsourcing may be defined as a contractually managed relationship between a vendor and an enterprise whereby the vendor undertakes responsibility for a business function of the enterprise, which may have been performed by in house staff (White and James, 1996, p. XIV; Barett, 1995, p. 124). It can more concisely be described as the contracting of functional specialists to manage business units that lay outside the framework of the organizations principal activities (Dominguez, 2006, p. 5). Quelin and Duhamel describe outsourcing as the operation of shifting a function previously governed internally to an external supplier through a long-term contract, and involving the transfer of staff to the vendor for the firm. According to their definition, five features typify strategic outsourcing: A close link between outsourcing processes and the key success factors of a firm in an industry. The transfer of ownership of a business function previously internalised, often including a transfer of personnel and physical assets to the service provider. A global contract, longer and denser than a classical subcontracting agreement. A long-term commitment between the client and the service provider. A contractual definition of service levels and of each partnerÃÆ' ­s obligations. Outsourcing is a process whereby an organisation transfers a function, previously governed internally, to an external third party via a service level agreement. It generally involves an organisation contractually conferring its staff and management responsibility to an autonomous vendor (Quelin and Duhamel, 2003: 652; Barrett, 1998: 124). Brown and Wilson (2005: 20) define outsourcing as the à ¢Ã¢â€š ¬Ã‹Å"act of obtaining services from an external sourceà ¢Ã¢â€š ¬Ã¢â€ž ¢. 2.2What can be outsourced? Outsourcing it not limited to services but also embraces business processes. An organisation can outsource any function it considers non-core and supportive of its main business. According to Unnico (2001) services being outsourced by organisations include: Table 1: Services being outsourced Custodial Architecture Trash Security Grounds Food Plant Facilities Management Space Mailroom Records Moves Reprographics Energy Audio Visual Cleanroom Commissioning Logistics Shipping Integrated Facilities Management Subcontractor Management Storeroom Routine Maintenance Production Brown and Wilson (2005: 22-23) states that the most prevalent commercial functions being outsourced by organisations are information technology, administration, distribution and logistics, finance, human resources, manufacturing, contact centres / call centres, sales / marketing, real estate / facilities management and transportation. The most predominant elements of business outsourcing encompass: Table 2: Element of corporate outsourcing Human Resource Services Knowledge and Decision Services Operations Support Services Marketing Services Customer Interaction Services Back Office Transaction Processing Information Technology and Software Operations Finance and Accounting Services 2.3Why outsource? The business environment as we know it changes continuously. The main drivers of such change are the revolution of technology, globalisation and financial pressure. In order for organisations to survive and prosper, it is imperative for them to focus on their core business functions. Core business functions are however reliant on non-core business functions and it is therefore essential for organisations to have a clear strategy to their support operations (Lee and Harris, 2001: 25-29). According to Brown and Wilson (2005: 45-47) the main drivers for outsourcing are: Fast tracking of re-engineering benefits; Access to world-class competencies; Cash injection from selling off assets to third party; Redeployment of internal resources; Need to re-evaluate problematic functions; Release and availability of capital; Enhanced company focus; Risk minimisation; Access to external resources; and Reduced operating costs. 2.4Risks of outsourcing In order for an organisation to decide whether to outsource a business support service or process, it need to study the risks involved with outsourcing. According to According to Hinks and Hanson** (2001: 48-49) the disadvantages of outsourcing are: Inefficient service provision; Non-realisation of projected cost savings linked to outsourcing; Excessive costs relating to the re-absorption of outsourced functions; Vulnerability relative to an organisationà ¢Ã¢â€š ¬Ã¢â€ž ¢s core business; Risk of unexpected collapse of service provider; Fixed term contracted service providers not upgrading technology and training; Service provider experiencing process or information technology failure; Overreliance on service providerà ¢Ã¢â€š ¬Ã¢â€ž ¢s support service; Dishonest behaviour by service provider; Security and confidentiality breaches by service provider; Sabotage by service provider; Breakdown of relationship between an organisation and a service provider; Disconnection between non-core function managed by service provider and core business managed by organisation; Organisationà ¢Ã¢â€š ¬Ã¢â€ž ¢s competitiveness may be affected negatively should a service provider struggle financially and be unable to invest in technological advances; Negative impact on company culture, operations and business objectives; Incompatibility as a result of an organisation and a service providerà ¢Ã¢â€š ¬Ã¢â€ž ¢s contrasting business objectives, work practices and business ethics; Reduced strategic input; Value loss due to fragmentation; Strategic dislocation and communication opacity between an organisation and a services provider; and Loss of key staff, expertise and knowledge. 2.5Benefits of outsourcing It is imperative for an organisation to analyse the benefits of outsourcing, and to weigh them up against the risks associated with contracting-out, before marking a decision of whether to outsource or not. According to Hinks and Hanson** (2001: 48-49) the advantages of outsourcing are: à ¢Ã¢â€š ¬Ã‹Å"Reduced / variable overheads; Transfer of overheads from fixed to variable status; Removal of non-core operations allows management and investment to focus on the primary business activity (the core process); Savings in office space and equipment provisions; Possible staff cost reductions; Removal of uncertainty about future costs of maintaining effective and competitive business support; Reduced risk of costly errors arising from ignorance of the non-core practices; Investment risk transfer; Excellence of service can be achieved immediately; The service provider will be dedicated to that activity (no learning curve of division of interests); Access to market competitiveness and technological currency in the service provision; A downsizing of property commitments through outsourcing; Opportunity to get the company service provision out of a rut; The simulation of new solutions to problems from the appropriate mixing of different approaches; Scope for downsizing; Increases options for organisational re-structuring through property and human resource management flexibility; Access to specialist knowledge; Wider career scope for staff; Good in a fast-developing and / or highly technological area; Increased efficiency; Decreased headcount; Decreased cost of service; Access to world-class support; and Transfer of worry and riskà ¢Ã¢â€š ¬Ã¢â€ž ¢. 2.6Outsourcing Decision Process Chapter 2 brown and wilson 2.7Role of Facilities Management Service Provider 2.8Selection of Facilities Management Service Provider Chapter 6 brown and Wilson Chapter 5 wiley from 5.9 onwards CHAPTER 3: ANALYSIS OF 3.1Position of South African Listed Property Sector 3.1.12012 Performance CHAPTER 4: SUMMARY, CONCLUSIONS AND RECOMMENDATIONS 4.1Summary and conclusions It is evident from the research conducted, that even though the South African office sectorà ¢Ã¢â€š ¬Ã¢â€ž ¢s total return improved from 11.90% in 2012 to 13.60% in 2013, the sectorà ¢Ã¢â€š ¬Ã¢â€ž ¢s performance remains inferior to that of the industrial à ¢Ã¢â€š ¬Ã¢â‚¬Å" and retail sectors. Cape Town CBD remains the best performing city centre in South Africa. The top regional decentralised office nodes are Century City in Cape Town, La Lucia Ridge in Durban, Sandton CBD in Johannesburg and Menlyn in Pretoria. The South African office sector might recover during the course of 2014, should gross domestic product growth and employment figures improve, pending the implementation of the National Development Plan by the South African Government. 4.2Recommendations Investors should ensure that they undertake adequate research in order to establish the true performance of a sector. Inadequate research can result in poor investment decisions. It is evident from the research that even though the office sector achieved the highest total investment transactions value of all three sectors in 2013, it remains the bottom performer in terms of total return. REFERENCES Capgemini and RBC Asset Management, 2013. World Wealth Report 2013. [online] Capgemini and RBC Asset Management. Available at: https://www.capgemini.com/resource-file-access/resource/pdf/wwr_2013_0.pdf [Accessed 08 May 2014]. Catalyst Fund Managers, 2013. Listed Property Sector Monthly Overview January 2013. [online] Catalyst Fund Managers. Available at: https://www.catalyst.co.za/documents/fundDocs/monthlyReview/catalystDomestic/2013/monthlyReportJan2013.pdf [Accessed 08 May 2014]. Catalyst Fund Managers, 2014a. Listed Property Sector Monthly Overview January 2014. [online] Catalyst Fund Managers. Available at: https://www.catalyst.co.za/documents/fundDocs/monthlyReview/catalystDomestic/2014/monthlyreportJan2014.pdf [Accessed 08 May 2014]. Catalyst Fund Managers, 2014b. South African Listed Property Review April 2014. [online] Catalyst Fund Managers. Available at: https://www.catalyst.co.za/documents/fundDocs/monthlyReview/catalystDomestic/2014/Monthly%20Report%20Apr%202014.pdf [Accessed 08 May 2014]. Cloete, C.E., 2005. Property Investment in South Africa. 2nd ed. Pretoria: The South African Property Education Trust. IPD, 2013. South African property delivers improved performance in 2012. [press release], 25 March 2013, Available at: https://www.ipd.com/about/media_centre/2013/SAPOA%20%20IPD%20South%20Africa%20Annual%20Property%20Index.pdf [Accessed 08 May 2014]. IPD, 2014. South African property delivers stable yet impressive performance in 2013. [press release], 26 March 2013, Available at: https://www.ipd.com/about/media_centre/news_arc hive/2014/IPD%20South%20Africa%202014%20Annual%20Property%20Index%20PR.pdf [Accessed 08 May 2014]. Jones Lang LaSalle, 2014. Commercial Real Estate Transaction Review: South Africa. [online] Jones Lang LaSalle. Available at: https://www.joneslanglasalle.co.za/ResearchLevel1/JLL%20Commercial%20Real%20Estate%20Transaction%20Review%20South%20Africa%202014.pdf [Accessed 08 May 2014]. Phyrr, S.A.; Cooper, J.R.; Wofford, L.E.; Kaplin, S.D.; Lapides, P.D., 1989. Real Estate Investment: Strategy, Analysis, Decisions. New York: Wiley. Rode and Associates, 2014. Rodeà ¢Ã¢â€š ¬Ã¢â€ž ¢s Report 2014:1. Bellville: Rode and Associates. SAPOA, 2014. Office Vacancy Survey Report Q1:2014. [online] SAPOA. Available at: https://www.cmsignition.co.za/download/files_1047/SAPOAOfficeVacancyReport_April2014.pdf [Accessed 08 May 2014].

Media Influence On The Media - 1973 Words

Every day we rely on the news to keep us abreast of the state of affairs in our lives. From the tiniest of towns to the largest sprawling metropolis we need our news to be accurate, objective and we need it fast. As times change not only does the way in which we get our news change but in how it is presented to us. Biases in our media have always existed but the public’s distrust of the media because of these biases is quite high. Recent polls show that nearly 80 percent of Americans believe that the media influenced by influenced by the powerful and that they tend to favor one side of issues over another (Keiner, 2013, p. 401). A Pew Research Center poll conducted in 2011 found that 77 percent of respondents believed news organizations tend to favor one side over the other (Keiner, 2013, p. 405). Much like beauty, bias is in the eye of the beholder. 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Software Applications and Information Systems Free Essays

Software Applications and Information Systems A software application and an information system is vital for any company to manage its business. An unbelieveable amount of information and procedures that is made within a company, both the application and system relieves a company of a huge amount of paperwork. By aquiring a software application the accounting, marketing, and human resources department can keep track of many different areas within their department. We will write a custom essay sample on Software Applications and Information Systems or any similar topic only for you Order Now The information system helps to manage all information coming in and going out. An excellent software application is the Formtran application. This application works in all departments, accounting, human resources, and marketing. This application is known for being the fastest data collector. For accounting the application offers compliance, consistency, and effciency. This provides help with purchase orders, credit memos, invoices, physical inventor forms, fixed asset forms, capital expenditure requests, and check requests (Formtran, 2010). The software provides a system that helps with certification testing, applicant tracking, charitable fund drives, emplyee satisfaction, pre-emplyment testing, time sheets, training, and pay roll forms (Formtran, 2010). The marketing and sales part of the application gives a company easy acess to the data needed. This includes contest enrollments, customer comment cards, award claim forms, expense reports, focus group surveys, product registration, sales call reports, sales force testing, and warranty cards (Fortran, 2010). Information systems help accounting departments by maintaining records that control the movement of funds within the company and produces finanical statements. Information systems for accounting will manage cash flow, loans, securities trading, and check processing. Human resources information systems help with placement, recruitment, compensation, career development, and evaluations of the employees within a company. The different examples is applicant tracking, training and skills, positions, benefits, and personnel record keeping. Marketing and sales use the system for marketing functions and sales support with keeping track of all movement with goods and services between producers and customers. Target points are telemarketing, point-of-sale, order processing, and slaes support. Basically the system for marketing and sales covers the improvement of customer service, maintaining customer data, total and record purchase transactions with the required packing list (Kelly, 2008). Software applications and information systems are a vital part to running a business today. These applications and systems help a company run smoother and more organized. In today’s world most all company’s use computers to run their business. Customers and employees expect to have answers in a reasonable time, and the applications and systems provide everyone with the information in a respectful time frame. The employees of the different departments (accounting, human resources, and marketing) tasks are made easier with the capability of the applications and systems. How to cite Software Applications and Information Systems, Papers

Intrigue at the (Royal) court Essay Example For Students

Intrigue at the (Royal) court Essay Alls quiet now on the behind-the-scenes front at Londons Royal Court Theatre, which means the Sloane Square playhouse can devote its attentions to its real function as Britains premier theatre for new writing. But it wasnt always thus, and who know how long the calm will last? The British press spent 1991 reporting all manner of courtly intrigue, and this year has already seen artistic director Max Stafford-Clark win his first-ever libel suit, against GQ magazine in Britain, for spreading defamatory comments about him. Personalities aside, the Chelsea venues plays have often made news. Everyone knows that this is where modern British drama is said to have begun in 1956 with John Osbornes Look Back in Anger, but the theatre was more recently the sight of a protracted row over Jim Allens purportedly anti-Semitic piece Pendition, which was withdrawn from a production in 1987; and John Guares Six Degrees of Separation this past June drew a local loony several nights running claiming the plays real-life story of Manhattan con artistry as his. ITS RARE ON AND OFF stage to find a theatre so consistently in the headlines, which may be a tribute of sorts to the esteem in which the Court has long been held. Still, do readers of the downmarket London tabloid the Daily Express even know what the Royal Court is? Perhaps not, but last year, that paper, like many others, knew a good story when it saw one, and Stafford-Clarks security of tenure was for a while the hottest showbiz story in town. The fact is that journalists want controversy, and most people in the British theatre are so uncontroversial, Stafford-Clark, 51, says now, looking back at the fierce debate engendered by his desire to prolong his leadership. Appointed in 1979, Stafford-Clark had already extended his contract once only to find that his desire for yet another extension was dividing the theatres ranks. Leading the pro faction were playwrights like Timberlake Wertenbaker, whose career has blossomed at the Court from The Grace of Mary Traverse through Our Countrys Good and Three Birds Alighting on a Field, her 1991 play which returns to the mainstage in November. The nay-sayers included Hani Kureishi, who was a Court dramatist some years before he found screenwriting and an Oscar nomination with My Beautiful Launderette; and Matthew Evans, chairman of the publishing house Faber and Faber and former head of the Royal Courts governing board, whose barbed comments in GQ prompted Stafford-Clarks lawsuit. The ultimate decision, when the board delivered it, seemed like a classic fudge: Stephen Daldry, 31-year-old artistic director of the tiny Gate Theatre in west Londons Notting Hill and winner of a special Olivier Award for that theatre in April, was appointed artistic director designate and would accede to the top job in October 1993. At that point, Stafford-Clark would become Daldrys deputy, with the proviso that Daldry could dispense with him altogether if he wished. On April 1, Daldry moved into the buildingto a desk adjoining Stafford-Clarksonly to find that it would be a while before the two men occupied the room simultaneously. Stafford-Clark had a prior engagement with the Royal Shakespeare Company in Stratford to direct Richard Bromes 1642 play, A Jovial Crew, adapted by the Courts literary associate, Stephen Jeffreys. And Daldry was off in the summer, rehearsing his Royal National Theatre debut Sept. 12 with an unexpected choiceJ.B. Priestleys wartime warhorse, An Inspector Calls. The National opening night arrived, and history, it can fairly be said, was made: Here, working on a scale heretofore unavailable to him in London, was Daldry exploding for full emotional and visual impact the fustiest of repertory stalwarts, bursting Priestleys play wide open to discover the Pirandello-ish masterwork that lay inside. No longer a domestic chamber piece about civic duty, Inspector Calls was played for visceral bravura, allowing Priestley his full weight both as a leftist agitator and theatrical renegade. Working with an extraordinary set by Ian MacNeil, Daldry turned the play inside out (often literally), placing the Birlings drawing room in a jewel box perched near the rear of the stage, while a charred, war-ravaged landscape occupied the front. The result was to cast Daldry immediately as a directorial subversive, which is no bad thing for an adventuresome cutting-edge theatre to have at its helm. .u783d48c012a42f0846237b52c0b1b797 , .u783d48c012a42f0846237b52c0b1b797 .postImageUrl , .u783d48c012a42f0846237b52c0b1b797 .centered-text-area { min-height: 80px; position: relative; } .u783d48c012a42f0846237b52c0b1b797 , .u783d48c012a42f0846237b52c0b1b797:hover , .u783d48c012a42f0846237b52c0b1b797:visited , .u783d48c012a42f0846237b52c0b1b797:active { border:0!important; } .u783d48c012a42f0846237b52c0b1b797 .clearfix:after { content: ""; display: table; clear: both; } .u783d48c012a42f0846237b52c0b1b797 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u783d48c012a42f0846237b52c0b1b797:active , .u783d48c012a42f0846237b52c0b1b797:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u783d48c012a42f0846237b52c0b1b797 .centered-text-area { width: 100%; position: relative ; } .u783d48c012a42f0846237b52c0b1b797 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u783d48c012a42f0846237b52c0b1b797 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u783d48c012a42f0846237b52c0b1b797 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u783d48c012a42f0846237b52c0b1b797:hover .ctaButton { background-color: #34495E!important; } .u783d48c012a42f0846237b52c0b1b797 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u783d48c012a42f0846237b52c0b1b797 .u783d48c012a42f0846237b52c0b1b797-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u783d48c012a42f0846237b52c0b1b797:after { content: ""; display: block; clear: both; } READ: American Theatre' marks 10th year EssayAlthough Daldry hasnt directed at the Court since his appointment (excepting a reading of Canadian writer Brad Frasers Unidentified Human Remains and the True Nature of Love), his influence can be felt in the choice of repertoire. While most Court shows are chosen by committee, its not difficult to tell which selection bears which artistic directors imprint. While Six Degrees might have materialized at the Court anyway, it probably wouldnt have arrived so speedilyand with the name of director Phyllida Lloyd, a Daldry chum, attached to itwithout Daldrys appointment. German dramatist Klaus Pohls Karate Billy Comes Home, seen in the Cour ts Theatre Upstairs studio space in April, was originally meant for the Gate until Daldry, and it, shifted homes. CONVERSELY, APRIL DE ANGELISS spiky but problematic Hush, seen on the main stage in August, was classic Stafford-Clark farea vaguely left-of-center lament for lost idealism written by a woman who had graduated from the 70-seat studio to the 397-seat mainstage. The Courtss similarly pungent but underwritten current entry, John Byrnes Colquhoun and Macbryde, about two London-based Scottish artists and lovers, represents a longstanding commission from a writer-designer whose most celebrated work, The Slab Boys Trilogy, began at the Court in 1978. Next years principal commissionsfrom Martin Crimp and Martin Sadofski, among othersare from writers with whom Stafford-Clark has sustained a relationship, a list which includes significantly more women (Wertenbaker, Clare McIntyre, the immensely gifted Winsome Pinnock) than are ever seen at the RSC or the National. Indeed, if Daldry has any catching up to do, its not in the field of directorial legerdemain but in forging ties with working write rs. What, then, is the Courts agenda? Undoubtedly to do the highest quality new work around, a task that may be more daunting than ever as competition for top-rank work mounts. Already, the Court has lost such writers as David Storey (In Celebration), Jim Cartwright (Road) and Alan Bennett (Kafkas Dick) to the National, where it is rumored that longtime Court devotee Caryl Churchills next play, The Striker, may end up as well. Under Richard Eyres guidance, the National is as hot right now as its possible to get, and its no secret that Six Degrees would have opened there also if Eyre had been fonder of the play. (As it was, the Theatre of Comedy, owners of the British rights, brought Guares play to the Court.) Elsewhere, the Almeida and the newly opened Donmar Warehouse offer significant competition, not to mention fringe houses like the Bush, Hampstead, and, yes, the Gate. ON THE CLASSIC FRONT, the Court has an equally free (if competitive) rein, and its been heartening to watch the theatres programming establish certain modern plays as outright classics. Last years revival of Churchills Top Girls, directed by Stafford-Clark, reasserted the timelessness and scope of a play originally seen as a product of its age, the early years of Margaret Thatchers 1980s. (Lesley Sharps delivery of the final word, frightening, was indeed that.) This winter, the Court mounted Brian Friels 1979 Faith Healer, directed by Joe Dowling, in a shattering evening that gave this difficult playa sequence of four monologues left to the audience to piece togetherits due. In January, Stafford-Clark will make a rare foray into Shakespeare to direct Tom Wilkinson, his onetime T.S. Eliot in Tom and Viv, in King Lear. It wasnt long ago that some thought Stafford-Clark to be exhibiting a Lear-like folly as he clung to a theatre from which it was perhaps best to move on. But he, like his audiences, knows that when a play works at the Court, theres nothing like it. Stafford-Clark may be tenacious; he and Daldrys greatest link is their recognizable ambition. But when it comes to acknowledging a good thing on your doorstep, he is, as Lear might have said, no fool.