FNB broker survey: commercial property satisfaction fell from 69% to 39% in the second quarter

Commercial property brokers became sharply less upbeat in the second quarter of 2026. FNB's Commercial Property Broker Survey, which samples brokers in and around South Africa's six major metros, found that broker satisfaction with market conditions dropped to 39% in Q2, down from 69% in the first quarter: a 30-point fall in three months.

Why sentiment turned

FNB attributes the drop to a weaker economy, higher operating costs linked to the conflict in the Middle East, and the South African Reserve Bank's interest rate response. Senior economist Siphamandla Mkhwanazi said the deterioration mirrors wider business confidence indicators. For landlords and tenants, higher rates feed directly into financing costs and, over time, into the rentals landlords need to achieve.

How the sectors compare

Industrial and logistics property remained the strongest segment, although activity moderated, with Johannesburg, Cape Town and Nelson Mandela Bay leading. Retail continued to recover, with Cape Town and Nelson Mandela Bay strongest and Johannesburg showing notable improvement. Offices were again the weakest segment, held back by elevated vacancies. The survey covers Greater Johannesburg (the City of Johannesburg and Ekurhuleni), Tshwane, eThekwini, the City of Cape Town and Nelson Mandela Bay.

Reading the survey alongside the data

Broker sentiment measures how the people doing deals feel about conditions, which can move faster than vacancy or rental figures. Q2's fall came even as office vacancies were improving on SAPOA's numbers, so the two are worth reading together. You can track asking rentals and stock in your own area on our market data page, or start from commercial property to let across South Africa and narrow down by province.

Source: BusinessDay, 20 July 2026.

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