Johannesburg – A survey by FNB has revealed that the retail property sector is showing signs of improvement along with declining vacancy rates.
After Covid-19, many properties are still vacant and there are concerns that the overall picture will not change.
If one thinks back to before we had Covid-19, there were business hubs in Sandton being built and in Cape Town as well, there were developments along the Waterfront.
When Covid-19 hit, this all stopped.
Household sector and property strategist at FNB, John Loos, speaks about the retail sector and what FNB found from the survey.
“In the buying of retail space, we found increased activity there, in the renting, we found increased demand.. prior to the survey in the 1st quarter, vacancy rates have come down in retail property, they have come down in industrial property and in offices as well…
“The interesting part is that they are pointing towards or the perception around them is that small retail businesses – often new businesses – are taking up new space.”