This report reviews commercial property investment activity in South Africa. The report does not cover all commercial property deal flow in the market; however, most large direct property sales within the listed and unlisted sectors are captured, excluding land sales and development site sales. Primary sources of information utilised include Real Capital Analytics, Capital Market Analytics, Stock Exchange News Service, REIT annual financial statements and presentations, and other government publications. Reporting is focused on deal flow in the 2021 calendar year and compares deal flow in 2021 to the previous four years spanning.