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Tuesday Oct 13, 2020

Slight uptick in commercial property rentals

The FNB third-quarter Property Broker Survey of commercial property rental market conditions showed there had been a slight recovery in industrial and retail market activity.

However, this is at levels still well below pre-lockdown, according to FNB Commercial Property Finance property strategist John Loos.

The rental market component of the FNB Commercial Property Broker Survey surveys a sample of commercial property brokers in and around the six major metros who mainly deal in owner-service properties.

In line with surveys for the buying and selling component of the commercial property market, the highest level of optimism in the rental component came from the industrial and warehouse market respondents. In this segment, the activity rating rose from 4.5 in the "lockdown" second quarter, to 5.19 in the third-quarter survey.

The retail sector also saw some strengthening: its rating improved to 4.1 from 3.62 in the second quarter.

However, the office sector's rental activity rating continued a decline to 3.66, slightly down from 3.7 of the prior quarter, and is the sector with the lowest rating of the three major commercial property sectors. Despite slight industrial and retail improvements, all three sectors' levels remained well below pre-lockdown first-quarter activity levels, said Loos.

The Star Late Edition
9 Oct 2020
Edward West

    
 

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