FNB key transition within its Commercial Property Finance division.
Siphamandla Mkhwanazi has assumed responsibility for the Commercial Property Finance research and economics portfolio, taking over from John Loos, who has officially retired from the bank.
Mkhwanazi will now lead the delivery of economic insights, property market analysis, and thought leadership supporting FNB’s Commercial Property Finance business, continuing the bank’s commitment to providing data-driven perspectives on South Africa’s property sector.
Loos, who has been a longstanding and respected voice in the property industry, played a significant role in shaping FNB’s property research capability and contributed extensively to public discourse on market trends, economic conditions, and the evolving property landscape.
About Siphamandla Mkhwanazi
Siphamandla Mkhwanazi is an economist at FNB with a strong focus on macroeconomic analysis and sector-specific research. His work spans economic forecasting, market insights, and translating complex data into actionable intelligence for businesses and stakeholders.He has contributed to a range of economic and industry reports, providing commentary on key trends shaping South Africa’s economic environment.
In his new role, he will extend this expertise to the commercial property sector, offering forward-looking insights on market performance, investment trends, and the broader economic factors influencing property.This transition ensures continuity in FNB’s research offering, while also bringing a fresh perspective to the analysis of key themes impacting the sector, including economic recovery, property market dynamics, and investment trends.Media are invited to engage with Mkhwanazi for commentary, interviews, and insights on:South Africa’s commercial property market outlook Economic trends shaping property performance Investment sentiment and sector recovery Key risks and opportunities in 2026 and beyond
Overview
The 1Q26 broker survey paints a picture of a commercial property market that is slowly emerging from the trough. National broker satisfaction improved to 69%, and 44% of respondents report that activity is higher than a quarter ago. The recovery, however, is selective: asset classes diverge markedly in their trajectories, with industrial leading the way, retail stabilising, and office adjusting to structural shifts.
- Office: The office sector remains the weakest link in the commercial property chain. The national office activity rating edged down to 4.84 out of 10, the only asset class to show a year-on-year deterioration.
- Industrial: Industrial property presents a very different picture. Industrial property remains the strongest-performing asset class nationally, with a rating of 6.21, and is explicitly identified in the survey as the best performer
- Retail: The retail sector sits between these two extremes. National retail ratings improved to 5.23, indicating gradual normalisation after several difficult years.
Bottom line: The 1Q26 survey results point to a commercial property market that is slowly improving but increasingly segmented. Industrial property continues to benefit from demand-led tightening, retail property is gradually rebalancing as supply adjusts to more realistic demand levels, and office property remains constrained by structural oversupply and changing usage patterns. Coastal metros lead the recovery while inland regions continue to adjust
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