The commercial property sector lacked strong and clear direction in overall sales activity during Q2 2024, according to property brokers surveyed by FNB Commercial Property with business confidence declining for the second successive quarter – the lowest level since Q4 2023.
The Office and retail markets saw a weakening in their sales activity ratings compared to the previous quarter with all three major commercial property markets i.e., office, retail, and industrial, down on multi-year highs.
Cape Town remained perceived as the strongest market sales activity wise, producing the highest average sales activity rating for H1 2024 in retail and office.
At the weaker end of the spectrum, Greater Johannesburg reported the lowest retail and office activity rating with the second lowest industrial rating – Tshwane the lowest.
