The index showed a net balance of 24%, with zero being neutral, compared with 49% in February and 51% last August.

The research is based on a survey of commercial property companies in July and August.

These companies included private, listed and institutional investors and managers predominantly having a national footprint and with a collective value of property under ownership, control or management of more than R86bn.

EProp research director Marc Schneider says the outlook for industrial property is “marginally” the strongest at 27%, followed by offices (26%) and retail (19%).