Property brokers across SA’s major metro regions in Q3 2025 indicated that all three key commercial property sectors—office, retail, and industrial—are facing a significant undersupply relative to demand with the industrial property market experiencing the most acute shortage.

Focusing on the results of the Q3 2025 FNB Property Broker Survey, the bank’s latest Property Insights reveals that for Q2 and Q3 2025, Cape Town is perceived to be the strongest major metro market across all three major commercial property sectors while Greater Johannesburg remains the weakest.

eThekwini and Nelson Mandela Bay have also shown solid markets in recent times, says FNB Economist John Loos, with property brokers perceiving demand to far outstrip supply in all three of the city’s commercial property markets.

“In Gauteng, the Tshwane commercial property market has shown that property brokers perceive strong demand relative to supply in the industrial and retail property sectors while a mild oversupply in the office property market persists. At the weaker end of the spectrum is Greater Johannesburg, whose supply-demand perception index readings point to large oversupplies in all three of its major commercial property markets.”