“The extent of the improvement in residential building activity was surprising given the deterioration in the broader macroeconomic environment over the past few months,” said Siphamandla Mkhwanazi, senior economist at FNB.
Activity among non-residential contractors was flat, but at a reasonably good level over the same time period, said Mkhwanazi. Growthpoint Properties, South Africa’s largest domestic office landlord with 161 properties, meanwhile, said that it continues to see a shift in office developments and working from home.
“Bigger businesses are returning their staff to offices with different strategies, some fully with others are still on a rotational system. We have started to see smaller tenants that previously vacated their offices return to the market.”
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