SALES activity levels in all three major commercial property sectors: industrial, retail and offices increased mildly in the fourth quarter, following a “dip” in the previous three months that might have been KwaZulu-Natal/Gauteng unrest-related.
FNB’s latest Property Broker survey showed the percentage of broker respondents perceiving business conditions to be satisfactory, had increased in the fourth quarter survey to 32 percent – up from 25 percent the previous quarter.
However, despite the improvement, it remained at a “very weak level” and largely reflective of still weak business confidence across the economy, said FNB Commercial’s property sector strategist John Loos in the bank’s latest Property Insights.
The level implies that 68 percent of respondents were dissatisfied with business conditions, but it was nevertheless the highest percentage of respondents who were satisfied with conditions.
The first quarter 2020 survey was held just prior to the Covid-19 lockdowns.
