Although there is increased demand for space from international occupiers across Sub-Saharan Africa, these occupiers are looking for smaller but high quality floor spaces.
Located to the northwest of the Nairobi CBD, office developments in Westlands recorded average rental prices of $13.60/m2, with a 74% average occupancy rate in 2016 due to increased completed office developments under the letting process in 2015/2016.
Demand for industrial property in Nairobi is expected to continue rising in 2017 with rental growth rate set to increase by between 8-10%, according to Broll Kenya Market Report H1 2017.
According to a recent CBRE Global Investor Intentions Survey 2015, 53% of global investors plan to increase their investment purchases this year.
Retailers are responding to increased demand from consumers in Africa, and in particular expanding operations on the continent from South Africa, reports Malcolm Horne, CEO of Broll Property Group.