February proved to be a largely directionless month for South African listed property, with the J803 All Property Index up a paltry 0.27%, and the J253 SA Listed Property Index down by -0.29% for the month. Internationally the FTSE EPRA Nareit Global Property Index was up by 2.62% in ZAR terms, driven by good USA REIT performance as well as respectable quarterly results by most reporting American REITs. Macro instability has certainly not aided the SA listed property sector, and the Government of National Unity not being able to deliver a budget on schedule certainly was not a plus. Globally, the seemingly random nature of the USA’s governance and policies has not assisted either. In the physical world of SA property, the latest Rode research continues to point to the Office sector as having bottomed, and Industrial continues to perform well. While the Clur Index shows that Retail continues to perform soundly (considering current economic realities).