Selling to relocate in search of better utilities and municipal services has remained the key driver for commercial property owners/occupiers for the sixth consecutive quarter according to FNB Commercial Property Finance’s Property Insights for Q2 2024, equating to 32.5%.
However, this motive has diminished since its high in early 2023 which FNB believes has to do with the significantly reduced load shedding schedule.
Financial pressure is the second biggest single driver for selling at 22.6% which was slightly lower during Q2 2024 than the prior quarter’s 26.69%.
The greatest level of financial pressure-related selling or relocation appears to be in Gauteng’s metro regions with Greater Johannesburg recording 51% and Tshwane 31.50%. The two major coastal regions, Cape Town (11.8%) and eThekwini (10.30%) recorded the lowest.
A third key reason is commercial property owners selling to move closer to their markets at 23.50%.
