Optimism among property brokers about near-term future property sales across the office, retail, and industrial markets improved in Q3 2025 according to FNB Commercial Property Finance, with perceptions of a ‘weak economy and/or political uncertainty’ having subsided while perceptions of ‘positive business sentiment’ emerged more prominently.

The office property market across SA’s six major metros recorded the strongest positive ‘Near Term Sales Activity Expectations’ reading, followed by the industrial property market and the retail property market.

During the quarter, 34% of property brokers surveyed highlighted ‘stock issues’ as the dominant factor shaping near-term sales expectations in the office property market, with a near even split between perceiving office space shortages (15%) and oversupply (18%). However, the work-from-home dynamic remains influential with 16% believing that employer-driven ‘back-to-the-office’ efforts are boosting demand while 10% feel hybrid or work-from-home setups are reducing office space needs.

The industrial and warehouse market is strongly shaped by persistent stock shortages with 57% of property brokers citing ‘stock issues’ as a key factor – 48% specifically noting general stock shortages with 2% highlighting a lack in the smaller-sized segment. Positive business sentiment in this market is notably high, with 25% of property brokers expressing confidence, significantly outweighing the 7% who pointed to economic and/or political uncertainty.

The retail property market recorded the weakest property broker confidence with ‘stock issues’ remaining the leading concern, cited by 36% of property brokers, and a clear tilt towards ‘stock shortages’ – 23% cited a ‘general shortage’ while 8% cited ‘shortages in smaller spaces’). Only 9% of property brokers view economic and/or political uncertainty as a key factor while 25% perceive positive business sentiment.

Other significant concerns include ‘buyer/tenant mindset’ (17%) – notably buyers preferring smaller centres with many avoiding landlord roles in favour of leasing, as well as ‘difficult trading conditions’, highlighted by declining footfall due to online retail growth and high overhead costs.