Combined results from the Q2 2025 FNB Property Broker Survey regarding business confidence and sales activity have pointed to a broad perception of the investor market environment having weakened when compared to Q1 2025.

All three major commercial property markets i.e., retail, office, and industrial, saw a decline in sales activity ratings when compared to Q1 2025, while industrial property sales activity remained perceived to be the strongest followed by office space, and then retail.

FNB Strategist, John Loos, says the decline could be a combination of the temporary stalling of SARB’s interest rate cutting cycle in March 2025 (which may have disappointed brokers and their client base), the battles within the Government of National Unity over the Budget as well as the fragile situation in the USA regarding tariffs.