• While new office completions were limited to two buildings in H2 2021 delivering 24,000 sqm, new supply in the industrial market remained elevated at almost 110,000sgm.
  • Office demand continues to favour high quality and new space, with generally weak demand persisting for lower quality Secondary grade options. Demand for industrial space is strong across all quality. Retail centre space absorption has also been positive over the past six months.
  • Vacancy decreased to historic lows in industrial and also improved in most retail centre types as well as in Prime office.
  • With the exception of industrial rents, which experienced one of the strongest quarterly growth in Q4 2021, net effective rental changes remained modest in most sectors. Noticeable increases were recorded in LFR and to some extent in non-CBD office.
  • Increasing inflationary pressures and rising interest rates resulted in stabilising yields across most sectors since late 2021. CBRE's index of average commercial and industrial capital values increased by 11,4% in the past year.