New property data shows that South Africa’s office and retail property markets continue to lag.
New property data shows that South Africa’s office and retail property markets continue to lag, reflecting not only the weak economic times in which South Africa still finds itself but also the key structural challenges in both sectors, says FNB.
“The former market is being challenged by greater online retail along with a financially constrained consumer, and the latter has the challenge of greater levels of remote work along with improved efficiency in the use of office space through hoteling of desk space,” the bank said. FNB noted that South Africa’s office market has the most significant longer-term challenges, with weak employment growth numbers in key services sectors hampering its demand growth, and greater levels of remote working compared to pre-lockdown levels also constraining demand for space.
FNB noted that the office and retail property markets also have the most respondents pointing to ‘supply exceeding demand’, either ‘somewhat’ or ‘far’, compared to those pointing to demand exceeding supply.
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