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1、Africa Offices Market D 2023Knight Franks ultimate guide to real estate market performance and opportunities in the worlds most exciting continent.P2THE AFRICA OFFICES MARKET DASHBOARD|H2 2023Among the 29 cities monitored by Knight Frank,a significant portion recorded a slowdown in rental growth.The

2、 second half of 2023 has proven challenging for most African economies,with the office real estate market experiencing a sustained period of subdued performance.Among the 29 cities monitored by Knight Frank in this dashboard,a significant portion recorded a slowdown in rental growth,primarily attrib

3、uted to oversupply issues and currency devaluation against the US Dollars.For example,in Kampala,the oversupply situation has resulted in monthly prime rents remaining static at US$16 psm for Grade A offices and US$14 psm for Grade B offices for three consecutive quarters.Over the review period,occu

4、pier activity has been driven by office relocations aimed at consolidating space and strategic acquisitions to capitalize on the softer market conditions.The demand for smaller,fitted-out office spaces,ranging from 50 to 300 sqm,has continued to increase due to the growing prevalence of flexible wor

5、king patterns.Landlords are proactively exploring strategies to enhance the occupancy of their properties,such as offering more flexible lease terms and rental discounts.In spite of the shockwaves caused by the collapse of WeWork across the shared office space sector globally,we continue to see grow

6、th in this sub-sector of the property market right across the continent.Market OverviewThis model works particularly well in Africa,where tenants seek flexibility and cost savings in markets with an uncertain future and where the hybrid working model has taken off following the global pandemic.This

7、flexible and dynamic approach challenges traditional office setups and offers businesses substantial cost savings,increased flexibility,and heightened productivity.For instance,in Lagos,many businesses are shifting away from rigid long-term leases and upfront costs associated with conventional offic

8、es in favour of the flexibility and cost-efficiency inherent in coworking spaces.Furthermore,there is a rising interest in best-in-class and Environmental,Social,and Governance(ESG)compliant offices.This trend aligns with the increased focus on sustainability in the post-pandemic world,appealing to

9、investors,corporations,and individuals.The scarcity of ESG-compliant assets across the continent is expected to boost rental growth at the top of the office sector,with occupiers willing to pay premiums for such assets.Currently,Africa hosts only approximately 1,000 green-rated buildings,with over h

10、alf concentrated in South Africa.Overall,occupiers are seeking maximum flexibility,considering that the future of office space requirements remains uncertain.Corporates are increasingly striving to optimize both the cost and the size of their office requirements.Co-shared OfficesGeneral increase in

11、demand forsmaller offices spaces Rise in demand for Environmental Socialand Governance(ESG)compliant offices Key FindingsESG50-300 sqmGeneral increase in demand forsmaller offices spaces Lagos US$56 Blantyre US$7.20HIGHEST LOWEST Rental RatesSource:Knight Frank P3THE AFRICA OFFICES MARKET DASHBOARD|

12、H2 2023Prime office rents per monthDecline in Prime Office Rents from last yearsUS$10.60 psm3.6%The Gaborone office market is experiencing a period of subdued activity attributed to an influx of new stock,resulting in an oversupply that has shifted market dynamics.Consequently,tenants find themselve

13、s in a favourable position,actively engaging in negotiations to secure lower rental rates.Currently,prime office rents in Gaborone stand at US$10.60 psm per month,reflecting a notable decline of 3.6%compared to the corresponding period last year.A notable trend shaping the office market landscape is

14、 the increasing emphasis on sustainability and BotswanaA notable trend shaping the office market landscape is the increasing emphasis on sustainability and green building practicesgreen building practices.Occupiers exhibit a heightened environmental consciousness,seeking commercial properties that a

15、lign with energy-efficient and environmentally friendly principles.In response to this demand,developers are incorporating sustainable features such as solar panels,rainwater harvesting systems,and efficient insulation into their projects.This trend reflects a local shift and aligns with global init

16、iatives to curtail carbon emissions and address the challenges posed by climate change,given that over 40%of emissions emanate from the real estate sector.Source:Knight Frank Photo:Gaborone CBDP4THE AFRICA OFFICES MARKET DASHBOARD|Q2 2023According to our estimates,there are currently 3.2 million sqm

17、 of office spaces in Egypt within the Greater Cairo area.The supply is anticipated to increase to approximately 3.6 million sqm by 2025,based on announced ongoing development projects.Assessing the market gap for unfulfilled office spaces in relation to the white-collar labour force,Greater Cairo ca

18、n absorb up to 5.5 million sqm by 2025.This supply deficit has led to a 19%increase in rental rates for Grade A offices in Cairo over the past two years,increasing from US$31 in H2 2022 to US$37 in H2 2023.However,stabilization is anticipated for the US dollar from 2024,as currency devaluation count

19、eracts increases in Egyptian pounds.There is a noticeable upsurge in the provision of business parks in Greater Cairo,mainly concentrated in the emerging suburbs of East and West Cairo.Developers are prioritising the establishment of anchor administrative or mixed-use projects in New Cairo due to it

20、s proximity to the airport and enhanced accessibility to major residential hubs.Some notable business parks in Cairo include the Cairo Business Park,Cairo Festival City,1Ninty,and HeartWork,which have collectively added 575,000 sqm of office space.EgyptThe supply of office space is anticipated to in

21、crease to approximately 3.6 million sqm by 2025Source:Knight Frank Photo:Cairo3,200,000 sqmUS$37 psm5,500,000 sqmOfce space within the greater Cairo area.Prime Rental RatesBusiness park ofce space addedOffice space added by the new business parks575,000 sqmP5THE AFRICA OFFICES MARKET DASHBOARD|Q2 20

22、23The monthly prime office rents have remained unchanged at US$13.00 throughout the last half of 2023.This stagnation can be attributed to an enduring oversupply of offices and the prevailing challenging macro-economic environment.As a result of these economic challenges,many organisations are putti

23、ng their office space requirements on hold,diverting their focus towards operational priorities rather than capital expenditure.The oversupply situation has,consequently,led to a Kenyareduction in the average occupancy rates,from 75%during the same period last year to the current rate of 72%.Like gl

24、obal trends,Nairobi has witnessed a burgeoning tendency towards coworking spaces.The drive for cost-efficiency has caused a notable surge in the demand for coworking facilities,a trend further amplified by the prevailing economic downturn.This downturn has witnessed a local currency depreciation of

25、nearly 24%against the US dollar in the past year,intensifying the need for cost-effective US$13 psm75%-72%24%Prime Office RentsCurrency depreciation against the US dollarReduction in average occupancy ratesA key trend is the surge in demand for ESG-compliant offices driven by multinational corporati

26、ons.workspace solutions.The collaborative nature of coworking arrangements aids in distributing office space expenses across multiple occupants,thereby reducing overheads.Another key trend is the surge in demand for ESG-compliant offices driven by multinational corporations.Westlands continues to ma

27、intain its status as the most sought-after location for such office spaces.This preference can be attributed to its abundant supply of Grade A offices,making it an ideal hub for businesses looking for ESG-compliant space.Source:Knight Frank Photo:Nairobi Dusk SkylineP6THE AFRICA OFFICES MARKET DASHB

28、OARD|H2 2023MalawiA notable trend is the ongoing migration towards high-quality office spaces,particularly among international occupiers.This has led to a decrease in occupancy rates in older office buildings in Blantyre and Lilongwe,which typically range from 40 to 60 percent.However,the Grade A of

29、fices have seen a surge in occupancy rates,reaching nearly 80%in Lilongwe and 85%in Blantyre.Unlike other locations on the continent,Blantyre has a minimal office supply pipeline,suggesting that the slightest increase in demand will lead to higher prime rents.Photo:Lilongwe Capital StreetA contrasti

30、ng dynamic is observed between the two cities.Lilongwe is experiencing an increase in the construction of new offices,largely driven by the relocation of government entities and large corporations from Blantyre.On the other hand,Blantyre is facing spatial limitations,with scarce opportunities for ne

31、w developments unless they involve the reconstruction of existing sites.Currently,prime office rentals in Blantyre and Lilongwe hover at approximately US$7.20 psm and US$8.60 psm,respectively,positioning these two cities as some of the cheapest places for renting offices in Africa.US$7.20-8.60 psm80

32、%85%Prime office rental rate in Blantyre and LilongweIncrease in occupancy ratesLilongweBlantyreSource:Knight FrankP7THE AFRICA OFFICES MARKET DASHBOARD|H2 2023The prevailing office landscape has undergone notable transformations driven by the emergence of hybrid working patterns.This shift has fuel

33、led a growing preference for greater lease flexibility,with a spotlight on quality and affordability as pivotal considerations for businesses.Notably,a heightened demand for smaller office spaces,typically ranging from 100 to 300 sqm,reflects a shift in workspace preferences.In Lagos,this surge can

34、be attributed to the increasing demand for flexible and cost-effective alternatives to traditional office setups,aligning with the desire The prevailing office landscape has undergone notable transformations driven by the emergence of hybrid working patterns.to foster community and collaboration amo

35、ng professionals.Many businesses are now veering away from the constraints of rigid long-term leases and the burden of upfront costs associated with conventional office spaces,opting instead for the dynamic flexibility and cost-efficiency inherent in coworking environments.However,despite the eviden

36、t shift in workspace preferences and the dynamic growth of coworking options,the prime monthly rents within the Lagos office market have remained stagnant at approximately US$56 since the previous quarter.This price stagnation can be attributed to the oversupply of office spaces in the market as a w

37、hole,which is anticipated to persist into the upcoming year.Looking ahead,notable office developments are poised to shape the landscape in 2024.Key projects on the horizon include Aerobell Towers,The Phoenix,No 40 Adetokunbo Ademola,and the Sunshine Plaza.The completion of these developments is proj

38、ected to add approximately 27,300 sqm of additional office space to the existing market.Nigeria27,300 sqm100-300 sqmUS$56Pipeline space projected in 2024Lagos Prime Office RentsHeightened demand for smaller office spacesPhoto:Koyi with leki in the backgroundSource:Knight FrankP8THE AFRICA OFFICES MA

39、RKET DASHBOARD|H2 2023The monthly prime office rents in Johannesburg have reduced by 10%from last year,with rates now at US$13 psm.This decline is attributed to a fundamental shift in working patterns.A growing majority of professionals have transitioned to remote work,with some opting for the flexi

40、ble environment offered by coworking spaces.Concurrently,the hybrid working model,originally embraced during the COVID-19 pandemic,is making a resurgence among several employers.Allowing staff to spend more time working from home aims to mitigate the impacts of inflation and escalating fuel prices.T

41、he monthly prime office rents in Johannesburg range currently stand at US$13psm representing a 10%decline from last year.These factors have collectively contributed to an increase in office vacancy levels,which currently hover at approximately 17%.The trend towards hybrid working is expected to pers

42、ist according to the findings of a recent Cisco Global Hybrid Work study,which found that 86%of South African employees believe hybrid and remote working practices positively impact their overall well-being.This figure surpasses the global average of 78%,signifying a strong preference for flexible a

43、nd remote work arrangements among South African professionals.South Africa17%86%10%US$13Office vacancy levelsReduction in Monthly Prime Office RentsMonthly Prime Office Rents in JohannesburgPercentage of employees that prefer remote/hybrid office arrangementsSource:Knight Frank Photo:Cape Town,South

44、 AfricaP9THE AFRICA OFFICES MARKET DASHBOARD|H2 2023In line with the broader African office market trends,monthly rents in Tanzania have remained stagnant at approximately US$15 psm throughout the year.This stagnation is likely a consequence of the oversupply of office spaces in Dar-es-Salaam,which

45、has created a tenants market.In response,many landlords have been compelled to explore innovative strategies to maintain reasonable occupancy levels,including offering rent concessions.This proactive approach seems to have yielded results,with the current office occupancy rate in the country ranging

46、 between 75 and 80%,representing a 5%increase from the figures recorded at the beginning of the year.Coworking spaces are also gaining popularity in Dar-es-Salaam,with many organizations preferring to operate within smaller,shared office environments.The appeal of these shared workspaces lies in the

47、ir effectiveness,flexibility in terms of tenure,and suitability for start-up businesses.Key players in the coworking industry in Tanzania include Link Space Tanzania,The Trains House,and KOFISI.Looking ahead,our forecasts for Tanzanias office sector remain positive.This optimism is driven by the cou

48、ntrys favourable global economic environment and the governments timely execution of structural reforms to enhance the economys competitiveness.These reforms also focus on improving the overall business and investment climate and reducing the cost of regulatory compliance.According to the World Bank

49、,despite facing global challenges and regional droughts,Tanzanias economy is anticipated to grow by 5.1%in 2023,with further expansion expected to reach approximately 6%in the medium term.As a result,we anticipate an increased demand for Grade A offices,which is expected to positively impact the cou

50、ntrys prime office rental growth.Coworking spaces are gaining popularity in Dar-es-Salaam,with many organizations preferring to operate within smaller,shared office environments.Tanzania6%75-80%US$15Expected economic growth in the medium termMonthly Prime Office RentsCurrent range of occupancySource

51、:Knight Frank Photo:Dar Es Salaam,Tanzania7%50-150 sqmUS$16Y-O-Y reduction in prime office ratesA robust demand for premium,officesMonthly Prime Office Rents High demand for smaller officesP10THE AFRICA OFFICES MARKET DASHBOARD|Q2 2023A notable sense of stagnation has prevailed,with prime Grade A of

52、fice rents remaining at a consistent US$16 psm.Occupiers in this market have exhibited a sense of caution when deciding about their office space acquisitions.The demand for smaller office spaces,ranging from 50 to 150 sqm,has remained persistent,albeit with extended decision-making periods.Simultane

53、ously,there is a robust demand for premium,state-of-the-art offices.This heightened demand is attributed to a diverse range of sectors,including NGOs,renewable energy,oil and gas,embassies,and financial institutions,all actively seeking to expand their existing offices in Kampala or establish new on

54、es.The increased demand has resulted in a notable 7%y-o-y reduction in prime office vacancy rates,down from 17%in 2022.UgandaA notable sense of stagnation has prevailed,with prime Grade A office rents remaining at a consistent US$16 psm.State-of-the-art-officesSource:Knight Frank Photo:Kampala Ugand

55、a3,500 sqm100-300 sqm80%US$18New sub-lease spaces in Q3 2023Demand centered around small sized spacesMonthly Prime Office Rents Average occupancy rateP11THE AFRICA OFFICES MARKET DASHBOARD|Q2 2023In Lusaka,the office leasing activity has been characterized by a gradual yet consistent uptick througho

56、ut the year.In Lusaka,the office leasing activity has been characterized by a gradual yet consistent uptick throughout the year.This resurgence has been majorly fuelled by both new entrants and existing businesses taking up office spaces that were previously vacated,largely in the wake of the COVID-

57、19 pandemic,when expatriates abandoned their offices.As a result,the average occupancy levels have notably improved,hovering around the 80%mark.For instance,in Q3 2023,a noteworthy development emerged by introducing new sublease spaces totalling approximately 3,500 Zambiasqm.These sublease spaces be

58、came available from the First Capital Bank head office and The Credible Office building on the Addis Ababa roundabout.The demand for office spaces in Lusaka has predominantly centred on small-sized units ranging from 100 to 350 sqm.These requirements have emanated from diverse sectors,including Insu

59、rance,Information Technology,Finance,Non-Governmental Organizations,and Infrastructure companies.For instance,one of the prime office spaces,the nine-story ZEP RE Office Park,has witnessed the arrival of three new tenants since the beginning of the year.The market has also seen a rising preference f

60、or serviced offices in Lusaka.The continuous expansion of serviced office providers in the region exemplifies this trend.Notably,REGUS has partnered with the owner of the Sunshare Tower,securing the entire eighth floor,totalling 1,500 sqm.Furthermore,AFRICAWORKS is planning to acquire new office spa

61、ce at the AGORA Village in Mass Media,with the expansion slated to begin in Q1 2024.Source:Knight Frank Photo:Lusaka,ZambiaP12THE AFRICA OFFICES MARKET DASHBOARD|H2 2023A noteworthy trend has emerged within Harare and Bulawayos Central Business Districts(CBDs),where property owners are strategically

62、 adapting their larger buildings to cater to Small and Medium Enterprises(SMEs).This strategic shift has been primarily driven by the departure of large corporations from the CBDs as they seek to establish new footholds in suburban areas.As a direct result of this migration,residential suburbs such

63、as Eastlea,Hillside,Milton Park,Belvedere,Belgravia,Avondale,and Alexandra Park have witnessed a substantial surge in demand.ZimbabweOccupier preferences are transforming,favouring these suburbs over the once-dominant CBDs.In these suburban areas,it has become common to observe consistently high occ

64、upancy rates,frequently exceeding the 90%mark.In stark contrast,the CBDs have experienced a notable decline in occupancy,with rates falling to 60%.Moreover,the monthly prime rental rates for suburban offices have shown resilience and a promising upward trajectory.These rents stand at approximately U

65、S$13 psm,reflecting an 8%y-o-y increase.Evident departure of large corporations from the CBDs as they seek to establish new footholds in suburban areas.90%Property OwnersUS$13High SuburbanOccupancy RatesReduction in CBDOccupancy RatesMonthly Prime Office Rents Adapting to accomodate SMEs60%Source:Kn

66、ight Frank Photo:Harare,ZimbabweP13THE AFRICA OFFICES MARKET DASHBOARD|H2 2023AlgiersCasablancaCairoJohannesburgAbidjanDakarAccraAbujaNairobiDar Es SalaamAddis AbabaKampalaLusakaHarareKinshashaTunisPort LouisMaputoLagosCape TownLilongweBlantyre%Source:Knight FrankP R I M E O F F I C E R E N T S A N

67、D A V E R A G E P E R C E N T A G E Y I E L D SPrime rents(US$psm)Note:Arrows indicate quarterly change in rentsCOUNTRYCITY PRIME RENTS(%)PRIME YIELDS(%)ALGERIAALGIERS2010COTE DIVORIEABIDJAN339DEMOCRATIC RE-PUBLIC OF CONGO KINSHASA3510ETHIOPIAADDIS ABABA20-EGYPTCAIRO3710GHANAACCRA299.25KENYANAIROBI1

68、38.5MALAWILILONGWE8.68.0BLANTYRE7.209.5MAURITIUSPORT LOUIS158.75COUNTRYCITY PRIME RENTS(%)PRIME YIELDS(%)MOZAMBIQUEMAPUTO32.008.50NIGERIAABUJA25.008.00LAGOS56.009.00SOUTH AFRICACAPE TOWN12.008.80JOHANNESBURG13.009.50SENEGALDAKAR21.509.50TANZANIADAR ES SALAAM15.009.00TUNISIATUNIS7.007.00UGANDAKAMPALA

69、16.009.00ZAMBIALUSAKA18.009.00ZIMBABWEHARARE13.008.00 1010-1415-1920-2425-3030-4545-60P14THE AFRICA OFFICES MARKET DASHBOARD|H2 2023Africa Horizons 2023/24Kampala Market Performance Review H1 20232 0 2 2/2 3Africa Report 2022/23Africa Industrial MarketDashboard Q1 2023RECENT PUBLICATIONSKnight Frank

70、 research provides strategic advice,consultancy services and forecasting to a wide range of clients worldwide including developers,investors,funding organisations,corporate institutions and the public sector.All our clients recognise the need for expert independent advice customised to their specifi

71、c needs.Important Notice:Knight Frank LLP 2023 This report is published for general information only and not to be relied upon in any way.Although high standards have been used in the preparation of the information,analysis,views and projections presented in this report,no responsibility or liabilit

72、y whatsoever can be accepted by Knight Frank LLP for any loss or damage resultant from any use of,reliance on or reference to the contents of this document.As a general report,this material does not necessarily represent the view of Knight Frank LLP in relation to particular properties or projects.R

73、eproduction of this report in whole or in part is not allowed without prior written approval of Knight Frank LLP to the form and content within which it appears.Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934.Our registered office is 55 Baker

74、 Street,London,W1U 8AN,where you may look at a list of members names.IMPORTANT NOTICEScan to explore the full 2022/23 Africa ReportMIDDLE EAST AND AFRICAJames LewisManaging DLONDONBen WoodhamsPartner,Africa Desk EGYPTZeinab Adel,Partner-Head of EKENYAMark Dunford,CEOUGANDAJudy Rugasira Kyanda,Managi

75、ng DZAMBIATim Ware,Managing DZIMBABWESiza Masuku,Managing DRESEARCHBoniface Abudho,Africa Research AMALAWIDesmond Namangale,Managing D NIGERIAFrank Okosun,Managing DTANZANIAAhaad Meskiri,Managing DSOUTH AFRICASteve Rennie,Managing Directorsteve.rennierennieknightfrank.co.zaSusan Turner,Managing DFaisal Durrani,Partner-Partner-Head of Research,MENA