Third quarter data from FNB’s Commercial Property Broker Survey indicates that a recent trend of easing in financial pressure among property owners may be coming to an end.
The survey includes a sample of commercial property brokers in the six major metros of South Africa: City of Joburg and Ekurhuleni , Tshwane, eThekwini, City of Cape Town and Nelson Mandela Bay.
Loos stressed that the survey provides a broad picture, and what comes out of it is that the highest percentage of owner-occupiers are still perceived to be selling or relocating influenced by financial constraints/pressures, i.e., 32.45% in the third quarter 2022 survey. An additional potential indicator of easing or tightening financial pressures is the percentage of selling in order to relocate to “bigger and better premises”. This percentage continued its upward trend to 22.9%, from the previous quarter’s 22.1%, said FNB.
This percentage rose slightly in the third quarter of 2022 to 23.4%, from the previous quarter’s 22%. “While it may often make sense to incur the cost of relocation closer to one’s market, in weak economic times less relocating and more “staying put” for the time being is the likely outcome.
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