African Markets CBRE Sept 2022 1664038901

The Winds of Change
- an African Perspective
A CBRE Excellerate
Research Publication
Market Intelligence to Support

Informed Decisions
2022
Africa defined by potential and dynamic Contents
diversity Message from the Chief Executive Officer 2
Glossary 3
Executive Summary 6
Africa is once again experiencing the winds of change. Angola 10
- Luanda 12
A new sense of purpose has emerged on the continent,
accompanied by a genuine desire for economic and social Botswana 14
- Gaborone 16
upliftment. Under these circumstances, opportunities will
Côte D’Ivoire 18
naturally arise for those who wish to participate in this - Abidjan 20
renewal. Egypt 22
- Cairo 24
- Feature: New Capital City 26
To fully understand the opportunities and risks, you need Ethiopia 28
- Addis Ababa 30
sound market intelligence, reliable and current information.
Ghana 32
Our Africa Report 2022 should be an integral part of any - Accra 34
occupier’s or investor’s initial toolkit when embarking on or Kenya 36
expanding into Africa. - Nairobi 38
- Feature: Nairobi Express Highway 40
Mauritius 42
As well as providing detailed statistical information on the - Port Louis 44
- Ebene 46
countries, we have included commentary on the major cities
Morocco 48
and landmark projects that are either in the process of being - Rabat 50
- Casablanca 52
undertaken or already completed. A comprehensive analysis - Tangier 54
- Feature: Tangier Med Port 56
of the office sector as well as retail and industrial properties
Mozambique 58
in each country completes the country overviews. - Maputo 60
Namibia 62
URBAN-ECON, a professional consultancy firm that - Windhoek 64
- Walvis Bay 66
specialises in the field of development economics, has
Nigeria 68
partnered with us to produce a document that is both - Abuja 70
- Lagos 72
relevant and current. With 28 entities across Africa and
Rwanda 74
extensive experience in over 45 countries, CBRE Excellerate - Kigali 76
is ideally suited to assist with any property-related inquiries. Senegal 78
- Dakar 80
South Africa 82
We hope you find this report useful and our team would be - Johannesburg 84
- Pretoria 86
more than happy to provide you with further information on - Cape Town 88
any of the listed countries. - Durban 90
- Feature: Pan Africa Data Centres 92
Tanzania 96
Sincerely - Dar es Salaam 98
- Dodoma 100
David Morris
Uganda 102
Chief Executive Officer - Kampala 104
September 2022 Zambia 106
- Lusaka 108
- Ndola & Kitwe 110
Zimbabwe 112
- Harare 114
Reference List 116
Urban-Econ 119
2. 3.
Glossary Glossary
ITEM GLOSSARY ECONOMIC OUTLOOK
COUNTRY INTRODUCTION CITY INTRODUCTION
BASIC STATISTICS Land area is the city’s total area, excluding area under inland water
Area (sq. km) bodies, national claims, continental shelf, and economic zones.
Land area is a country’s total area, excluding the area under inland water bodies,
Land Area (million sq. km; 2018) national claims, continental shelf, and economic zones. Total population is based on the de facto definition of population, which counts all
Total population (millions) residents in the city regardless of legal status or citizenship. The values shown are
Total population is based on the de facto definition of population, which counts all mid-year estimates.
Total Population (millions; 2021) residents regardless of legal status or citizenship.
Population density (people per sq. km) A population divided by the city area in square kilometres.
Population Density Population density is the total population divided by the land area in square kilometers.
Total population Growth (% per annum) Annual population growth rate.
Urban Population (% of total Urban population refers to people living in an urban area as defined by national
population; 2021) statistical offices. CITY SPECIFIC PROPERTY
Total Population Growth (% per annum; The annual population growth rate. The population is based on the de facto definition MARKET
2020) of population, which counts all residents regardless of legal status or citizenship. BASIC STATISTICS
Gross Domestic Product (GDP) at purchaser’s prices is the sum of gross value added
by all resident producers in the country plus any product taxes and minus subsidies Submarkets Nodes (top office stock) The nodes where most of the top office stock is located in the city.
GDP
not included in the value of the product.
Submarkets Nodes (top industrial The nodes where most of the top industrial stock is located in the city.
GDP per Capita Growth The growth rate in GDP per Capita as per the above definitions. stock)
Unemployment refers to the share of the labour force that is without work but is willing Submarket Nodes (top retail stock) The nodes where most of the top retail stock is located in the city.
Unemployment Rate to work and is currently seeking employment. The unemployment rate should be
interpreted with caution, especially if there is a high percentage of discouraged Currency Unit (in which rents are The currency in which rents are quoted.
workers. quoted)
RATINGS AND INDICES Area Measurement Unit (sq.m or sq.ft) The unit in which area is calculated.
Measures the set of institutions, factors, and policies that set the Frequency in which rents are usually paid (for example monthly,
Rent payable (frequency)
sustainable current and medium-term levels of economic prosperity (in other words, quarterly, semester, or annually).
Competitive Index (2019)
those factors that facilitate or drive productivity). Ranked out of 141 with 1 being the
most competitive. The average space standard per workstation for office stock is defined as the Net
Workstation Standard. (sq.m/sq.ft per
Internal Area (NIA) divided by the number of planned workstations for which the space
worker)
Inequality Index (2022) A means of measuring a country’s inequality and ranks accordingly. is intended and reflects what current office stock caters for.
The Peace Index measures a country’s relative position in terms of peace. Countries RENTAL RATES AND
Peace Index (2021)
are ranked from 1 (high levels of peace) – 163 (low levels of peace).
VACANCIES
Measures the quality of infrastructure in a specific country. Countries ranked 1 (best)
Quality of Infrastructure Ranking (2017) The rental range for office property in the city (gross leasable area). This is net rent,
to 151 (worst). Rental Rates Office Stock (monthly nett excluding services charge or tax, and is based on a standard lease, excluding
rent in USD per sq.m) exceptional deals for that particular market.
Measures perceptions of the likelihood that the government will be
destabilised or overthrown by unconstitutional or violent means,
Political Stability Index (2020) The rental range for industrial property in the city (gross leasable area). This is net
including politically motivated violence and terrorism. Countries ranked 1 (best) to 194 Rental Rates Industrial Stock (monthly
rent, excluding services charge or tax, and is based on a standard lease, excluding
(worst). nett rent in USD per sq.m)
exceptional deals for that particular market.
Ease of doing business ranks economies from 1 to 190, with first place being the
Ease of Doing Business Index (2019) best. A high ranking (a low numerical rank) means that the regulatory environment is The rental range for retail property in the city (gross leasable area). This is net rent,
Rental Rates Retail (monthly nett rent
conducive to business operation. Countries ranked 1 (relatively easy) to 190 (relatively excluding services charge or tax, and is based on a standard lease, excluding
in USD per sq.m)
difficult). exceptional deals for that particular market.
Measures the ease with which a new business can register for and Vacancy Office (%) The average percentage of vacant office space.
Ease of Getting Electricity Rank (2020)
obtain electricity from the relevant authorities. Countries ranked 1
(relatively easy) to 187 (relatively difficult). Vacancy Industrial (%) The average percentage of vacant industrial space.
Vacancy Retail (%) The average percentage of vacant retail office space.
4. 5.
Africa Report Africa Report
Executive Summary Executive Summary

Africa is home to 54 different countries – each with its unique Demographics predicted to Foreign direct investment (FDI) in Africa amounted to
set of laws, policies, and political environments – while $27.7 billion in 2017 and grew to $31.0 billion in 2019, an
approximately eight regional blocs govern security and trade reach 2.5 billion people by 2050 increase of about 7.0%. The region experienced a 6.0%
across the continent. Of these, 48 are on the mainland and from 1.4 billion in 2022 with a youth decline in FDI in 2020, a trend mainly attributed to the impact
six are islands. of the COVID-19 pandemic. The annual FDI growth rate has
population of 845 million by 2050 averaged 2.0% for the past three years.
Over the past few years, a number of African countries compared with 455 million
The continent has 29 stock
have adopted policy reforms to transform their legal and
in 2020.
regulatory environments. The reforms are, in each instance,
African demographics are set to change with the continent’s
markets and remains an attractive
intended to foster a competitive environment, encourage free
trade, improve the investment climate, stabilise the economy population projected to reach 2.5 billion people by 2050 from investment destination for
and attract investment. A key consideration for any investor the current 1.4 billion. Africa is therefore expected to be one
of the most important consumer markets in the future. As the
emerging market investors.
navigating the 54 countries is how best to access these Ports are some of the fastest growing economic centres
highly opaque markets, given that only a few countries continent with the youngest population, it is also expected in Africa with 90% of African trade conducted by sea. Across Africa, the office market has experienced a decline
provide key economic and business data. to be a significant supplier of labour to the world. The total Some of the largest ports in Africa include the Tanger Med in occupancy rates and rental costs due to COVID-19
youth population (ages 15 to 34) is expected to almost port in Morocco, Port Said in Egypt, the port of Durban in and the associated restrictions and regulations. With the
Sub-Saharan Africa GDP double from 455 million people in 2020 to 845 million people South Africa, the port of Mombasa in Kenya, and the port of adoption of a hybrid working model, office tenants are using
growth average 4.0% in 2021 and in 2050. Lagos in Nigeria. Africa experienced an average annual less space. The industrial and retail markets have proved more
growth in container port traffic of 6.2% from 2016 to 2018: resilient and shown a quicker rebound from the COVID-19
3.7% in 2022 with estimated growth while traffic was recorded at 15.3 million TEU in 2016, it pandemic years. Growth in the logistics sector accelerated
to 4.0% in 2023. reached 16.1 million TEU in 2017 and 17.2 million TEU in 2018. with the onset of COVID-19 due to the rise in e-commerce.
Other key economic sectors include agriculture, mining,
Real gross domestic product (GDP) growth for Africa trade, tourism and a thriving financial and business sector
averaged 4.0% in 2021. The GDP is estimated at 3.7% in some key markets. Africa has a vast number of natural
for 2022 and 4.0% for 2023, which is higher than resources such as diamonds, gold, iron, copper and oil reserves.
the projection of 3.8% globally for 2023. Poverty and
underdeveloped infrastructure remain the biggest The continent’s data centre
challenges for the continent; however, there are signs of
minor improvements as measured by the average GDP per Rapid population growth drives the demand for housing, market is expected to exceed
capita. This indicator rose from $1 501 in 2020 to $1 645 in goods, and services and is thus expected to continue to $3 billion by 2025.
2021, while global GDP per capita increased from $10 936 in boost demand for co-living spaces, especially popular among
2020 to $12 262 in 2021. the younger population. The African data centre market has experienced significant
growth over the past few years due to undersupply and the
Africa is responsible for 10% of rapid increase in demand for technology products. In 2021,
the global oil production at eight the continent’s data centre market saw investment totalling
$2.6 billion, a figure that is expected to exceed $3 billion by
million oil barrels a day in 2019. 2025 and $5.4 billion by 2027. The three main data centre
The continent presents a highly diverse economic hubs are Nigeria, South Africa, and Kenya.
environment. Africa is responsible for about 10% of the
global oil production, reportedly at almost eight million Mobile phone penetration in Africa continues to skyrocket
barrels per day in 2019. Key oil producing markets include due to population growth, urbanisation in certain key
Nigeria, Angola, and Libya, with Nigeria named as the markets, and increasing access to technology. It is estimated
leading oil producer in Africa as of 2021. that about one billion people in Africa will have access to a
SIM connection by 2025, up from nearly half a billion in 2020.
6. 7.
Africa Report Africa Report
Executive Summary Executive Summary

Despite the many positive developments seen on the of access to various services, and stable democratic rule. this exponential growth, the government of Egypt has
continent, there are challenges which the various Opportunities are mainly in the property and financial sectors embarked on a project called the New Administrative
governments are tackling collectively (as regional blocs) along with transport services and tourism. In addition, South Capital: a sizeable development east of Cairo that is poised
or individually. These challenges include dilapidated or old Africa boasts a mature financial services sector and has the to be a vibrant social and economic space and one that will
infrastructure, the lack of reliable energy in many parts of the largest traded stock exchange on the continent. incorporate several land uses to attract real estate
continent, high levels of poverty and inequality, and instability investment.
due to civil unrest in certain areas. North Africa has unique social
and economic circumstances West African countries are
compared to other parts largely dependent on primary
of Africa. sectors.
North Africa has unique social and economic circumstances West African countries are largely dependent on primary
compared to other parts of Africa. The region has the sectors. Côte d’Ivoire and Ghana are major producers and The region also faces rapid population growth that is
most dynamic trade and port sectors, with activity located exporters of cocoa beans. Côte d’Ivoire alone accounts for surpassing the housing supply, a trend particularly notable
principally in Tanger Med in Morocco and Port Said in Egypt. 30% of the world’s cocoa production. As previously indicated, in Ethiopia which has more than 115 million people. This
Morocco’s economy is mainly driven by the industrial and Nigeria is known to be Africa’s largest oil producer and the presents opportunities for real estate development,
trade sectors. Tanger Med port plays an important role in sixth largest in the world. Due to its high dependency on the oil especially for housing and supporting amenities such as
relation to these sectors. The port’s strategic location has sector, the Nigerian economy is severely affected by oil price schools and retail centres. Kenya is the main data centre
established it as a major logistics and transport hub that fluctuations. However, the country is also becoming a regional hub in East Africa and has the best telecommunications
The Southern African region has great potential to become facilitates efficient trade between Africa, Europe, and the hub for the development of data centres in West Africa, infrastructure in the region. The emergence of the Silicon
a transport and logistics hub. There are also opportunities Middle East. It is also the leading container port in the and the western region of Nigeria has experienced an uptake Savannah and the development of the Konza Technopolis
to expand tourism in the region, especially in countries such Mediterranean. in the services and telecommunication sectors. With a near Nairobi are further evidence of the move to position
as Botswana, Namibia, Mozambique, and South Africa. In population that is expected to grow from 206 million in 2021 Kenya as a centre of high-tech innovation. There has
this region of about 10 countries, only Mozambique is facing to 401 million in 2050, the country is furthermore expected been a surge in the adoption of internet applications via
political instability – this due to civil unrest in the northern to present great opportunities with regards to real estate, smartphones, which drives the increasing demand for data
part of the country. However, towards the south of the capital, notably with the provision of houses, industrial facilities, centres.
Maputo, there is great potential for growth, especially in the retail developments, and hotels.
tourism and real estate sectors. Despite having a number of challenges and recovering from
South Africa remains the East Africa’s economy is the impacts of the global pandemic many countries are
commited to facilitate growth and development while
main commercial and retail hub in similarly dependent on agricultural strengthening their business environment. Africa presents
Southern Africa. products, in this case commodities a number of untapped opportunities yet to be explored and
great prospects for expanding existing businesses.
The subregion is also rich in natural resources. These
Manufacturing, real estate, trade, tourism, and transportation
are the sectors currently attracting the most FDI in Morocco.
such as coffee, tea,
include the offshore oil and gas reserves recently discovered in
Casablanca is the main tourism destination in the country, and tobacco.
Angola, Namibia, and Mozambique; diamonds in Namibia,
drawing tourists from the Middle East, Europe, and Africa.
Botswana, and Zimbabwe; and copper in Zambia and Namibia. In Kenya, the agricultural sector accounts for
Egypt is challenged by significant population growth
Despite the numerous socioeconomic and political challenges approximately 65% of export earnings whilst the largest
with the number of citizens expected to grow from
that it is currently facing, South Africa remains the main share of the labour force in Tanzania is employed in the
102.3 million in 2021 to 159.9 million by 2050. Population
commercial and retail hub in Southern Africa. agricultural sector. The East African region is challenged by
growth is particularly concentrated in the Greater Cairo
Region, exceeding the expansion and infrastructural the lack of reliable energy provision. However, several energy
The country, considered to have the most diverse economy renewal projects planned or already underway are aimed at
capacity of this area. To address the infrastructure
on the continent, offers relatively good infrastructure, ease addressing energy instability.
challenges presented by
8. 9.
Angola Africa Report 2022
13.302284 Overview
-8.875345
Angola’s economy is mainly driven by oil Netherlands. Some of the best FDI opportunities lie
production which accounts for roughly a third of the within offshore oil and gas technologies, agricultural
country’s GDP and also contributes the largest share of equipment and supplies, transportation and marine
exports. Wholesale and retail trade also plays a significant technologies.
role in the country’s economy contributing approximately
17% to the national GDP and also listed as one of Angola’s In the real estate sector, Angola’s housing demand for various
strongest performing industries. The country’s GDP stood price categories is expected to grow, providing opportunities
at $62.72 billion in 2020 and has an estimated GDP of $70 for residential developers and investors mainly in the Luanda
billion for 2021. GDP growth is expected to reach 3,1% in 2022 region.
and 2,8% in 2023. Angola is the eighth largest economy in
sub-Saharan Africa and is classified as a lower-middle-in- While almost half of the population in Angola had
come country. access to electricity in 2019, the government embarked on a
solar power project which would improve energy provision
The country presents considerable business and in the country. The MCA solar project will be developed on
Capital Official investment opportunities but is regarded as having a seven different sites distributed across the country. Upon
LUANDA Language difficult business climate and was ranked 177 out of 190 completion, a capacity of 950 MW will be established.
PORTUGUESE countries on the ease of doing business report. Despite the
challenges, it’s presented with various opportunities
including the government’s prioritised efforts to facilitate
diversification of the economy by providing tax
incentives and programmes aimed at promoting the
Currency Land Area 2
agricultural industry, attracting foreign direct
1.24 million KM investment (FDI) and creating free trade zones. Key
KWANZA developments are mainly directed toward infrastructure,
industrial, agriculture and telecommunications industries
which provide investment potential for foreign investors.
A total of $16.8 billion in FDI stock was recorded in

2020, however the petroleum sector continues to
be the main attraction. The largest shares of FDI are
received from China, Portugal, the USA, France and the
RATINGS AND INDICES

Competitive Index 136/141
Cost Of Living (2021) -
Peace Index (2021) 80/163
Quality Of Infrastructure Ranking (2017) -
POPULATION 2021 GDP 2020 (USD) 62.72 billion Unemployment Rate Political Stability Index (2020) 137/194
32.86 million 2020
Ease Of Doing Business Index (2019) 177/190
Projected GDP Growth (2022 & 2023): 3.0%; 3.3% 8.5%
Population Density: 26.36 GDP Growth (2019 & 2020): -0.7%; -5.6% Ease Of Getting Electricity Rank 156/187
Urban Population: 66.82% GDP per Capita (USD) (2021): 1 776.2
Total Population Growth: 3.21% GDP per Capita Growth (2019 & 2020): -3.8%; 8.4% Energy Supply Reliability Index (2020) Some concern
10. 11.
Angola Africa Report 2022
City Introduction: Luanda City Specific Property Market:

Luanda
INDUSTRY OVERVIEW AND PROPERTY TRENDS
Area Luanda is the capital city of Angola, located in the Luanda ‘s industrial areas include Estrada do Cacuaco,
1 876 KM² northwestern part of the country. The port of Luanda is the Benfica-Lar do Patriota, Viana and Estrada de Catete.
main point of cargo supply, which is then distributed to the
rest of the region. Chemical products, breakbulk, general An important pipeline project, in the industrial sector, is
Total Population cargo, containers, and fish products are among the most the ZEE Luanda-Bengo project (Special Economic Zone).
8.6 MILLION (2021) commonly transported products. This project plays a critical role in attracting foreign
investment and diversifying the economy. The ZEE
Following several years of a few real estate developments Luanda-Bengo Project has already created more than 6 000
Total Population and construction, experts report that Luanda is beginning to employment opportunities.
Growth see signs of improvement in its economic activity. As a result
3.63% PER ANNUM the most potential locations for residential investment are There are several major shopping areas throughout
Talatona, Benfica, and Lar do Patriota. Luanda. In addition to the Fortaleza Center in the CBD, the
Belas and Avenida Shopping Centers in Talatona, as well as the
Population Density
4 400 PEOPLE The office market comprises 1.043.000m² of stock, divided Xyami and Maxi Shopping Centers are among the major retail
PER KM² into the 4 zones of Luanda’s Office Market. Namely: Zone 1 centres in the city. There’s a noticeable trend in the retail
(CBD) 46%, Zone 2 (Uptown) 17%, Zone 3 (Praia do Bispo) sector with supply shortages being addressed slowly but
3.0% and Zone 4 (Talatona) 34%. The biggest occupiers of surely. Retail rentals are determined by the quality of finishes
office spaces are located in Luanda and Talatona, namely: and location of the retail space.
Airports (Including Sonangol, ENI, Chevron, Total, BP, DAR Group, ENSA, Bank
distance in km from CBD) BAI, Banco Economico, Refriango, Angoalissar/ Webcor Group,
Quatro de Fevereiro
International Airport Standard Bank, Unitel and Africell (most recent network
(4,4km) operator) and Sanlam (Insurance), among others.
Time Zone
WAT
BASICS
Submarkets- Nodes (top office stock)

(all relevant nodes) CBD, Uptown, Praia do Bispo and Talatona
Submarkets- Nodes (top industrial stock) Estrada do Cacuaco, Benfica, Viana and Estrada de Catete
RENTAL RATES AND VACANCIES (all relevant nodes)
Submarkets- Nodes (top retail stock)
Rental Rates Office Stock (range) (monthly nett-rent in USD per sq. m) $20 - $45 (all relevant nodes) Morro Bento, Talatona, Nova Vida, Kilamba, Viana e Cacuaco
Rental Rates Industrial Stock (range) (monthly nett-rent in USD per sq. m) $4 - $9 Currency Unit (in which rents are quoted) Kwanza
Rental Rates Retail (range) (monthly nett-rent in USD per sq. m) $25 - $70 Area Measurement Unit (m² or ft²) m²
Vacancy Office Stock (%) 25% Rent Payable (frequency) Quarterly
Vacancy Industrial Stock (%) -
Workstation Standard
Vacancy Retail Stock (%) 20% (sq. m/sq. ft per worker) 5m² - 7m²
12. 13.
Botswana Africa Report 2022
25.922436 Overview
-24.627373
Botswana is a small economy with an approximate 2.3 Some of the challenges faced by this Southern African
million population however, ranking top in the Southern country include drought, income inequality, and its labour
Africa region in terms of GDP per capita (USD 7 300 force. Due to its small population, the country lacks
compared to Sub-Saharan Africa’s GDP per capita of sufficient skilled workers to run international companies.
USD1 645). It is the world’s top producer of diamonds, and a Moreover, work permits for foreign ex-pats used to be
significant player in the export market, which account for difficult to obtain but in 2017, the country updated its
about 80% of export revenues. Botswana also enjoys good immigration law which has led to some improvement. In
governance guided by judicious macroeconomic policies addition, the country is highly dependent on diamond
along with a stable political and fiscal environment. exports and lacks diversification, making it vulnerable and
highly susceptible to external pressures or shocks.
The country also has a large coal reserve (with an
estimated 212 billion tonnes) and is rich in uranium, copper, The inflow of FDI into Botswana decreased from $94
and shale gas. Botswana’s industrial sector accounts for million in 2019 to $80 million in 2020, mainly driven by the
27.5% of the country’s GDP while employing 17.6% of the global COVID-19 pandemic. The mining sector plays a
Capital Official working population. The industrial sector is mainly driven by significant role in attracting FDI into the country while
GABORONE Language diamond and food production, textiles, and mining. The increased investments have been made in the services
ENGLISH services = sector contributes approximately 65% to the GDP industry.
and employs 62.4% of the working population. Tourism in
Botswana has great potential, gained from the safari market. One of the key projects in Botswana is the major
Tourism contributes 11% to the national GDP and accounts construction project of a solar power plant to be
for 7.1% of the labour force. completed by 2027. Through this project, the
government desires to increase its power capacity by 795
Currency Land Area
As a result of the COVID-19 pandemic and the restriction megawatts. Moreover, the aim is also to increase dependence
PULA 581 730 KM
2
of movement, Botswana’s economy contracted by 8.5% on renewable energy from the current 6.0% contribution to
mainly due to the decreasing demand for diamonds during 36% by 2036.
this period. Sectors that are most affected by the
pandemic include trade, construction, manufacturing,
travel and tourism, and transport services. However, the
economy is expected to rebound with growth projected at
5.9% in 2022 and 4.4% in 2023 primarily due to the recovery of
commodity prices and the opening of economies worldwide.
RATINGS AND INDICES

Cost Of Living (2021) 87/138
Quality Of Infrastructure Ranking (2017) 80/137
2.3 million 2020
Projected GDP Growth (2022 & 2023): 5.9%; 4.4% 21%
Population Density: 4 GDP Growth (2019 & 2020): 3.0%; -8.5% Ease Of Getting Electricity Rank 139/187
Urban Population: 70.9% GDP per Capita (USD) (2021): 7 347
Total Population Growth: 2.1% GDP per Capita Growth (2019 & 2020): 0.77%; -10.35% Energy Supply Reliability Index (2020) Reliable
14. 15.
Botswana Africa Report 2022
City Introduction: Gaborone City Specific Property Market:

Gaborone
Area Gaborone is the Capital of Bostwana and has a gained momentum with some of the key operators
169 KM² population of 208 411 accounting for 10% of the country’s invested there.
population. Despite the COVID-19 pandemic and the
associated pressures on various sectors, the The industrial real estate sector has experienced more
Total Population property market has witnessed great investment stability during the last two years compared to the retail
208 411 opportunities with some developments in the pipeline. and office sectors. The average prime yield currently ranges
(2021)
between 9%-11%. Retail Storage in warehouses
experienced a massive increase, particularly during the
As with many other cities, the pandemic COVID-19 period in 2020 and 2021 and this has increased the
Total Population and the resulting work-from-home protocols
Growth have had a major impact on the office market in demand for industrial properties. Some of the key industrial
3.4% PER ANNUM Gaborone. parks in the city include the Madirelo Industrial Park, Block 3
Industrial, Broadhurst Industrial and West Industrial park, all
located in the south east district of Gaborone.
Population Density With the completion of newly constructed buildings such
1400 PEOPLE as the Botswana Unified Revenue Service building in
PER KM² The retail market is performing well in Gaborone and has
the CBD, the office supply sees a rapid increase while the
yielded great returns on investments with capital growth
demand lags. One of the latest office buildings
expected to average at 5.0%. Several new malls have been
completed is the Motswere building which was awarded a
developed recently or are near completion such as the
five-Green Star Africa Office for its green design initiatives.
Airports (Including Lobatse Junction Mall and the Fields Mall. The former opened
The average rental rate for offices in Gaborone is $4.5-$6.5
distance in km from CBD) in 2021. The construction of the Fields Mall in the CBD of
Sir Seretse Khama per square meter, depending on various factors such as
International Airport (15km) Gaborone started in August 2021 and provides 26 000m² of
quality of finishes, size, and location. Much like other
additional retail space.
countries, the demand for co-working office spaces has
Time Zone
CAT
BASICS

(all relevant nodes) CBD
Submarkets- Nodes (top industrial stock) Block 3 Industrial Area, Phakalane, West Industrial
Rental Rates Office Stock (range) (monthly nett-rent in USD per sq. m) $4.5 - $6.5 (all relevant nodes) CBD
Rental Rates Industrial Stock (range) (monthly nett-rent in USD per sq. m) $3 - $6 Currency Unit (in which rents are quoted) BWP
Vacancy Office Stock (%) 5.2% Rent Payable (frequency) Monthly (in advance)
Vacancy Industrial Stock (%) 1% - 2.5% (prime industrial)
Vacancy Retail Stock (%) Unknown (sq. m/sq. ft per worker) Unkown
16. 17.
Côte d’Ivoire Africa Report 2022
-5.283408 Overview
6.821834
Côte d’Ivoire’s economy is mainly driven by the Main incentives which attract foreign investment include
agricultural sector with main production and exports of cocoa, tax incentives, easy access to industrial parks and managing
accounting for 30% of the world’s cocoa production. The its ease of doing business ranking. The main sectors where
country is also a producer and exporter of cashews, palm oil, potential investment opportunities lie include the energy
coffee and oil. The second-largest sector in this west sector, building and construction, agro-processing and
francophone country is the industrial sector, accounting for agricultural services as well as the telecommunications
over 20% of the GDP, which is based on food processing, industry. The government aims to increase hydroelectric,
textiles, fertilisers, construction material, etc. The balance of solar, and thermal power generation capacity. Côte d’Ivoire
the GDP contribution is the services economy accounting for involves the private sector in the electricity sector and has
about 47% of the working population and 42.1% of the GDP, made it possible to establish a strong energy system.
with a major uptake seen in the telecommunications industry.
Official In 2019, a GDP of $58.5 billion was recorded and increased In 2021, Côte d’Ivoire managed to secure $34 million for the
Capital
YAMOUSSOUKRO
Language by 2.0% reaching $61.2 billion in 2020. Currently, the GDP is development of a hydroelectric project. The project involves
FRENCH expected to increase by 6.5% in 2022 and 6.4% in 2023 up to the construction of a hydroelectricity plant at the Bandama
$82 billion. River and will take an estimated 3 years to complete. The
aim of this project is to mobilise private capital, contribute to
The economy of Côte d’Ivoire has shown great renewable energy infrastructure development in Africa and
resilience to the global COVID-19 pandemic and can to a large support economic growth.
WEST AFRICAN extent be attributed to its diverse economy. Despite the
322 463 KM recovery, the country still faces several challenges such as
FRANC CFA
poverty with about 45% of the population still living in poverty.
Côte d’Ivoire remains attractive to foreign investors. In 2020,

the country attracted approximately $509 million, albeit a
significant downturn from the $1 billion FDI received in 2019.
RATINGS AND INDICES

Peace Index (2021) 103/163
Quality Of Infrastructure Ranking (2017) No data for 2017
POPULATION 2021 GDP 2020 (USD) 61 billion Unemployment Rate Political Stability Index (2020) 164/194
26.37 million 2020
Population Density: 82 GDP Growth (2019 & 2020): 6.2%; 1.9% Ease Of Getting Electricity Rank 141/187
18. 19.
Côte d’Ivoire Africa Report 2022
City Introduction: Abidjan City Specific Property Market:

Abidjan
Area
2 119 KM² Abidjan is Côte d’Ivoire’s economic hub
and a port city from where coffee, cocoa, and
other agricultural products are exported. The
Total Population
5.3 MILLION deepwater commercial seaport provides market
(2021) access in the West African regions.
Total Population The average rent for office space ranges between $20 and
Growth $26 per square meter per month. The main offices nodes in
2.9% PER ANNUM Abidjan include the CBD area, Deux Plateaux and Cocody.
The average rent for industrial space ranges between $5

Population Density
2 500 PEOPLE and $7 per square meter per month. PK 24 industrial area
PER KM² (Northern Abidjan) is one of the major nodes of industrial
activities in the city.
The average rent for retail space ranges between $28 and
Airports (Including $35 per square meter per month. The main retail node in
distance in km from CBD) Abidjan is Boulevard Valéry-Giscard-d’Estaing. Some of the
Félix-Houphouët-Boigny
International Airport major shopping malls in Abidjan include PlaYce Marcory,
(16 km) Abidjan Mall, Cap Sud and Sococe Mall.
Time Zone
GMT
BASICS

(all relevant nodes) CBD, Deux Plateaux, Cocody
Submarkets- Nodes (top industrial stock) PK 24 industrial area (Northern Abidjan)
Rental Rates Office Stock (range) (monthly nett-rent in USD per sq. m) $20 - $26 (all relevant nodes) Boulevard Valéry-Giscard-d’Estaing
Rental Rates Industrial Stock (range) (monthly nett-rent in USD per sq. m) $5 - $7 Currency Unit (in which rents are quoted) CFA
Vacancy Office Stock (%) Unknown Rent Payable (frequency) Monthly
Vacancy Industrial Stock (%) Unknown
Vacancy Retail Stock (%) Unknown (sq. m/sq. ft per worker) Unknown
20. 21.
Egypt Africa Report 2022
31.235698 Overview
30.041482
Egypt is the third largest economy on the African 2023. The government prioritises reforms that are aimed at
continent, contributing 15.2% to the continent. It is enhancing private investment exports and FDI to improve the
considered one of the fast-growing economies with an economy’s resilience and competitiveness.
impressive population growth. Its economy is largely reliant
on the services sector, which contributes 52% to the GDP. The Suez Canal facilitates approximately 12% of
Oil production, cotton, textiles, and metals are some global trade and 30% of global container traffic and goods
of the most produced goods in the country with the to the value of more than $1 trillion per year. The Suez Canal
agricultural sector contributing the highest share Economic Zone (SCZone) is a trade hub along with the
of the country’s jobs (about 28%) and contributing expanded areas of the Suez Canal on houses in two
approximately 11.3% to the total GDP. Despite the global integrated areas, two development areas and four
COVID-19 pandemic, Egypt recorded a GDP growth of 3.5% ports. Opportunities exist in sectors such as port and
from 2019 to 2020. The economy is projected to grow by an logistics, maritime-related services, manufacturing, ICT and
average of 5.0% over the next three years, mainly driven by energy. Recently, the SCZone signed off on a $3 billion green
the gas sector, currently benefiting from the price increase energy project which will produce 350 000 tonnes of green
and global demand. fuel annually. The government hopes that this will be one of
many green mega projects aimed to be a regional energy hub.
Capital Official Egypt’s strategic location presents a number of
CAIRO Language opportunities for commercial activities and other

investments focused on the Middle East and African markets.
ARABIC Several opportunities exist in the renewable energy
equipment market as the government’s goal is to have 42%
of its energy generated obtained from renewable energy
sources by 2035. Other opportunities also exist in the
construction sector with the rise in demand for
residential and commercial real estate and infrastructure-
Currency Land Area related projects due to the significant growth in population
EGYPTIAN 1 million KM
2
and housing shortages. Egypt is the most populous country
POUND in the North African Arab region equating to 104 million and
growing by 1.9% p.a.
The country is faced with several challenges such as high

poverty rates, security concerns in some regions, relatively
high levels of bureaucracy and corruption.
FDI contributed an estimated 1.2% to the national GDP but

its share is expected to increase to 1.5% in 2022 and 1.8% in
RATINGS AND INDICES

Peace Index (2021) 126/163
102.33 million 2020
Total Population Growth: 1.92% GDP per Capita Growth (2019 & 2020): 3.49%; 1.6% Energy Supply Reliability Index (2020) Reliable
22. 23.
Egypt Africa Report 2022
City Introduction: Cairo City Specific Property Market:

Cairo
Area Cairo is the Capital of Egypt with most development and especially in areas with major retail offerings. An additional
606 KM² growth activities occurring along the length of the Nile 260 000m² of office space is expected to be completed by
River. The city’s economy is driven by government services, the end of 2022.
commerce, trade and industrial production.
Total Population
10 MILLION (2021) The real estate market has seen great performance
and is currently deemed as one of the country’s
best-performing sectors in terms of investments. The
country’s property investment increased by 20% in the
Total Population second half of 2021 with most of its growth coming from the
Growth greater Cairo region. As the country’s population grows at a
2.0% PER ANNUM
significant rate, providing a sufficient supply of housing
demand remains a challenge. Tourism and hospitality-related
Population Density developments also hold great opportunities for investment,
16 502 PEOPLE especially in the entertainment and the hotel industry.
PER KM²
In 2021, retail was one of the better performing real estate
industries in the City of Cairo. The demand for retail space
rebounded in the last year after the uncertainty brought
about by the COVID-19 pandemic in 2020.
Airports (Including
distance in km from CBD)
Cairo International Airport There has been an increasing demand for offices in Cairo
(15 km)
driven by local as well as international companies. The city
experienced an increase in leasing in good quality offices and
Time Zone
EET
BASICS

(all relevant nodes) Zamalek, Dokki, Hay El Maadi and Mohandessin
Submarkets- Nodes (top industrial stock) 15th Of May City Industrial Zone and Katameya Industrial Zone
Rental Rates Office Stock (range) (monthly nett-rent in USD per sq. m) $10 - $18 (all relevant nodes) El Gamaliya and El-Darb El-Ahmar
Rental Rates Industrial Stock (range) (monthly nett-rent in USD per sq. m) $4 - $6 Currency Unit (in which rents are quoted) E£
Rental Rates Retail (range) (monthly nett-rent in USD per sq. m) Unknown Area Measurement Unit (m² or ft²) m²
Vacancy Office Stock (%) 10% Rent Payable (frequency) Monthly
24. 25.
Egypt Egypt
Feature: New Capital City Feature: New Capital City

EGYPT’S GREATER CAIRO REGION THE NEW ADMINISTRATIVE CAPITAL INVESTMENT POTENTIAL
Since the 1970s, Egypt has successfully established

several metropolitan areas and cities in the Greater Cairo
The establishment of the new Capital city
region. Some of these include Skeikh Zayed City, El Obour
will unlock great potential, especially with
City, El Shourouk City, Badr City, Madinity, and New Cairo.
the country’s rising population which fuels
These projects were not only residential extensions of Cairo
demand for real estate developments such as
but rather metropolitan areas and cities with their own
housing. This will provide great opportunities
economy.
for real estate investment. Due to its location,
inhabitants of this new Capital will have easy
access to services provided at administrative
facilities; a further attractive feature to
both residents and businesses. Additionally,
world-class infrastructure has been
incorporated into the city to improve its
Located 45km east of Cairo, is Egypt’s new administrative
efficiency. The city, therefore, provides many
Capital currently under construction to accommodate
investment prospects for investors, corporate
approximately 6 million people upon completion. This city is
occupiers, government, and the general
being developed as a vibrant space incorporating a precinct
locals.
for ministries, places of worship, educational institutions,
residential clusters, the Green River Park, and an artificial river
running along the length of the city and the Green River Park.
Extensive planning and careful consideration has been

dedicated to the development of various land uses and
property-related investment projects. The Octagon which is
set to house the ministry of defence will be the world’s largest
defence complex once completed. This new capital city
is earmarked to include two sports centers; one of which
is the Egypt International Olympic City. The CBD area will
In recent years, a new capital city has been initiated in a include educational institutions, office spaces, and mixed-use
response to the several challenges experienced in the Greater high-rise buildings. A number of entertainment and tourism
Cairo Region. For the past few decades, Cairo has experienced features are planned such as the Opera House, theatres,
rapid population growth and is forecast to double its and art galleries. A total of 20 residential clusters are also
population count from the current 20 million to 40 million by planned, with six already completed. The Green River Park is
2050, exceeding the urban expansion rate. This has led to earmarked for recreational space and will be complemented
increased traffic congestion, increased demand for housing by an artificial river, running along the entire length of the
and employment opportunities, overburdening of city. A monorail will link the new administrative capital with
infrastructure, and limited fresh water supply. Furthermore, the governorates of Egypt as well as some of the most
the city receives about 15 million tourists annually, further important areas of Cairo. This mega project attracted a
adding pressure to the local infrastructure, therefore is number of real estate development giants such as Misr Italia,
compelled to invest in an alternative to address growth Master Builder Group, Amon Company, and Rafco Real Estate
challenges. Company.
26. 27.
Ethiopia Africa Report 2022
38.757562 Overview
8.980594
Ethiopia is the second most populous country in The recent conflict in early 2022 in the Tigray region where
Sub-Saharan Africa, after Nigria with over 115 million people. some militants and allied local militia attacked the defence
This Eastern country is one of the fastest growing countries force has reversed investor optimism and threatened the
in Africa with growth rates of over 6.0% over the past decade. economy. The violent conflict resulted in the shutdown of a
GDP is projected to grow by 4.3% and 6.5% in 2022 and 2023 number of industrial facilities in the aforementioned region
respectively. costing Ethiopia an estimated $20 million per month due to
the decline in export revenues.
Ethiopia’s economy is largely driven by the
agricultural sector which contributes approximately 35% to The main sectors attracting foreign investment include
the national GDP and also accounts for little more than 60% manufacturing, agriculture, and the hospitality industry. The
of the workforce. The country is the fifth-largest coffee largest share of FDI is received from China accounting for
Official producer worldwide and the 7th largest coffee exporter. 60% share, followed by Saudi Arabia and Turkey. In 2020,
Capital
ADDIS ABABA Language Other key export products include oilseeds and dry beans FDI inflows into Ethiopia experienced a 6.0% decline from
AMHARIC to the rest of the world. The industrial sector contributes $2.5 billion in 2019 to $2.4 billion in 2020.
about 23% of the GDP, mainly driven by food processing,
beverages, textiles leather, and garments among other Ethiopia presents several opportunities, one of which is
products. within the energy sector in hydroelectric energy
generation. One of the major hydroelectric power projects
BIRR 1.1 million KM In 2019, Ethiopia also experienced an invasion of locusts in the country is the Tams Hydropower Project which is
jeopardising agricultural produce and raising concerns over located in the Southwestern region of the Baro River basin.
food security. The infestation left vegetation and crops The reservoir will have a capacity of 4.8 million m³ of water
devastated, however, the country received some relief early and will play a crucial role in the rising energy demand in
in 2021 as the swarms of locusts declined. this region.
RATINGS AND INDICES

Peace Index (2021) 139/163
114.9 million 2020
Population Density: 101.8 GDP Growth (2019 & 2020): 8.4%; 6.1% Ease Of Getting Electricity Rank 137/187
Urban Population: 21.6% GDP per Capita (USD) (2021): 936.3
Total Population Growth: 2.5% GDP per Capita Growth (2019 & 2020): 5.6%; 3.39% Energy Supply Reliability Index (2020) Some concern
28. 29.
Ethiopia Africa Report 2022
City Introduction: Addis Ababa City Specific Property Market:

Addis Ababa
Area Addis Ababa is the Capital City, economic hub and an Office development activity is estimated at 1,7 million m²
527 KM² important administrative centre of Ethiopia, located in the with about 1,2 million m² expected to be delivered by the
central region of the country. The city’s economy is mainly end of 2022. Some of the newer buildings include the recent
driven by trade, manufacturing, industrial, transportation, welcoming of one of the tallest skyscrapers in the country,
Total Population tourism, hospitality as well as agricultural activities. Addis the 48-storey office building for the Central Bank of Ethiopia
5.2 MILLION Ababa houses about 25% of the country’s urban population in the CBD. Office vacancies in Addis Ababa are reportedly at
(2021) and accounts for almost 30% of the national urban GDP as 2.1% in 2022, considered amongst the lowest in the eastern
well as 20% of urban employment. Africa region.
Total Population Most of the office stock is located in the Central Business
Growth The major industrial areas are mainly
District (CBD), Bole, Kirkos, Yeka, Lideta, and Arada. The
4.4% PER ANNUM
office market has experienced major growth between 2016 located on the outskirts of the city. Some of the
and 2022, with an investment growth of over 11% related
to the construction and refurbishment of office buildings.
key nodes include Kilinto Industria, Bole Lemi
Population Density
8 200 PEOPLE Rental prices and demand for offices are highly influenced Industrial Park and Nefas Silk-Lafto.
PER KM² by interconnections of accessibility to office buildings from
roads. The City Administration launched the roads projects
Some of the major retail developments in Addis Ababa
in March 2022 which will improve overall accessibility and
include the Edna Mall, Demberl City Center, and Century
linkages to various key areas within the city. Key links include
Mall. Kirkos and Boles are the main retail nodes in the city.
Qusquam to Entoto, Shiro Meda to Qusquam, Wello Sefer
Airports (Including
distance in km from CBD) to Ureal, Gerji Roba to Mebrat Hayil and Ras Desta to
Addis Ababa Bole Qechenei amongst others. A noticeable increase in rentals is
International Airport
(6 km) experienced for office buildings located specifically on these
new roads.
Time Zone
EAT
BASICS

(all relevant nodes) Central Business District (CBD), Bole, Kirkos, Yeka, Lideta, and Arada
Submarkets- Nodes (top industrial stock) Kilinto Industria, Bole Lemi Industrial Park and Nefas Silk-Lafto
Rental Rates Office Stock (range) (monthly nett-rent in USD per sq. m) $7 - $11 (all relevant nodes) Bole, Kirkos
Rental Rates Industrial Stock (range) (monthly nett-rent in USD per sq. m) $6 - $7 Currency Unit (in which rents are quoted) Birr
Rental Rates Retail (range) (monthly nett-rent in USD per sq. m) $18 - $24 Area Measurement Unit (m² or ft²) m²/ft²
30. 31.
Ghana Africa Report 2022
-0.186880 Overview
5.603597
Ghana’s economy is mainly driven by the services sector 72%, manufacturing for 11,8%, followed by construction with
contributing approximately 50% to the total economy 5.0%.
followed by the industrial sector at 32% and the agricultural
sector at 21%. The export of commodities such as gold, The economic prospect for Ghana is promising as the
cocoa, oil and gas play a role significant in the country’s demand for Ghana’s export products increases, business
economic activity, but also makes it vulnerable to confidence improves and the COVID-19 Alleviation and
external shocks to the economy. Revitalization of Enterprise Support Programme is rolled out.
According to the World Bank Report (2021), Ghana One major development project currently in the
was ranked the eighth biggest economy in Africa with pipeline includes the Appolonia City, a new mixed
Capital Official a GDP of $76.3 billion in 2021. Prior to the COVID-19 development city in the Greater Accra region with
ACCRA Language pandemic, Ghana was one of the fastest-growing economies residential, retail, commercial centres, educational,
ENGLISH in the world and managed to achieve a 0.4% growth rate healthcare - and recreational facilities. This project is aimed
with the COVID-19 lockdown and restrictions. In 2021, the at providing great opportunities for property investors in
economy rebounded to achieving a 4.1% growth rate, and is the city.
projected to grow by 5.5% in 2022 and is further expected
Currency Land Area to increase by an annual average of 5.0% for the next three
GHANAIAN 2
238 535 KM
CEDI years, supported by cocoa exports, mining and the
services industry.
In 2021, the country attracted $829.2 million in foreign direct

investment inflows, of which the services sector accounted for
RATINGS AND INDICES

31.1 million 2020
Total Population Growth: 2.13% GDP per Capita Growth (2019 & 2020): 4.2%; -1.7% Energy Supply Reliability Index (2020) Some Concerns
32. 33.
Ghana Africa Report 2022
City Introduction: Accra City Specific Property Market: Accra

Area Accra is the capital city of Ghana, accounting for a third of Other trends to note are the upgrading of Grade C
900 KM²
the country’s GDP. The city’s economic output per person is office stock and the renovation of residential buildings
three times that of the national average. The city’s economy for office use in areas like Airport City and Cantonments.
is dominated by the service sector, which contributes 63% to Most of the renovated residential properties are
Total Population
GDP and a further 20% is made up of manufacturing. occupied by start-ups or small businesses seeking
4.2 MILLION
(2022) cheaper office space. Among the major occupiers of
Most of the city’s low-quality office stock is in Airport City office space in the city are Nestlé, Puma Energy, PwC,
and the CBD. The office market has currently stalled due to Standard Chartered Bank, Stanic Bank, EY and Newmont.
Total Population economic uncertainties brought by the COVID-19 pandemic,
Growth
1.7% PER ANNUM leading to increased vacancies in 2021 reaching 30%. Major retail centres are clustered in Tetteh Quarshie,
Airport City, Flower Pot Junction and East Legon
(Jungle Road). Achimota Mall, Junction Mall, Westhill Mall,
Population Density and A&C Mall are some of Accra’s major retail centres.
4 667 PEOPLE
PER KM² There is a fair amount of modern good
Various residential neighbourhoods are also developing
quality office facilities which ensure a safe and
small neighbourhood shopping centres. Accra’s industrial
friendly work environment, largely occupied by space is composed of approximately 60% secondary and
Airports (Including multinational corporates. These facilities also 40% premium stock. Premium industrial properties are
distance in km from CBD) incorporate green sustainable solutions. mostly located in Tema Free Zone Enclave whereas
Kotoka International
Airport (1,9 km) secondary industral properties are mostly found in Kaneshie.
Time Zone
GMT
BASICS

(all relevant nodes) Airport City; North Ridge; CBD
Submarkets- Nodes (top industrial stock) Tema Freezones, Kaneshie
Rental Rates Office Stock (range) (monthly nett-rent in USD per sq. m) $15 - $30 (all relevant nodes) Spintex Road, East Legon, Airport City and Flower Pot Junction
Rental Rates Industrial Stock (range) (monthly nett-rent in USD per sq. m) $4 - $10 Currency Unit (in which rents are quoted) Ghanaian Cedi
Rental Rates Retail (range) (monthly nett-rent in USD per sq. m) $40 Area Measurement Unit (m² or ft²) m²
Vacancy Office Stock (%) 30% Rent Payable (frequency) Quarterly/semi-annually/annually in advance
Vacancy Industrial Stock (%) 20%
Vacancy Retail Stock (%) 15% - 20% (sq. m/sq. ft per worker) 10m²
34. 35.
Kenya Africa Report 2022
36.821473 Overview
-1.291981
Kenya has a dynamic economy and presents ample investment (FDI) which was valued at approximately
opportunities for entering the East African market. $10 billion in 2020.
Agriculture makes up the largest share of Kenya’s economy,
contributing almost 30% of the country’s GDP and The Global Trade Center Office Tower located in Westland
65% of export earnings. Kenya exports mainly is anticipated to open in December 2022. This development
agricultural products, such as tea, coffee, and tobacco forms part of a mixed-use precinct with premium grade
to the rest of the world. Among the other products offices, retail centres, conference rooms and serviced
exported are textiles, iron and steel products, apartments. This development also include the five-star JW
petroleum products, and cement. Marriott Hotel.
Capital Official Kenya recorded a GDP of $100 billion in 2021. The
NAIROBI Language country had one of the fastest-growing economies on the

SWAHILI continent before the COVID-19 pandemic. The pandemic
restricted growth and the economy contracted by 0.3%. in
2020. Economic growth is now challenged by several issues
such as the unreliable provision of electricity and prolonged
Currency Land Area drought. Despite these challenges, it is predicted that the
KENYAN 569 140 KM
2
SHILLING economy will recover by 2022/23 as GDP growth is projected

at 4,7% in 2022 and 5,1% in 2023 following the reopening of the
economy after the COVID-19 lockdown restrictions.
The COVID-19 pandemic also disrupted foreign direct
RATINGS AND INDICES

Peace Index (2021) 116/163
POPULATION 2021 GDP 2021 (USD) 100 billion Unemployment Rate Political Stability Index (2020) 165/194
2020
53.7 million Projected GDP Growth (2022 & 2023): 4.7%; 5.1% 5.7%
Total Population Growth: 2.2% GDP per Capita Growth (2019 & 2020): 2.6%; -2.5% Energy Supply Reliability Index (2020) Some Concerns
36. 37.
Kenya Africa Report 2022
City Introduction: Nairobi City Specific Property Market:

Nairobi
Area Nairobi, the capital of Kenya, is an important economic The main industrial nodes in Nairobi include Ruiru,
696 KM²
and commercial hub in Eastern Africa. During the past two Limuru, Industrial Area, Baba Dogo, Mlolongo and Athi River.
decades, the real estate market has experienced
Total Population significant growth attributed to improved infrastructure such Regional retail centres make up the greatest share of all
5.1 MILLION (2021) as upgraded roads and utility connections. Nairobi retail centres and are mainly located in Westlands,
Gigiri, Lavington, Karen and Runda. Several areas in
As more investors and firms seek to expand Nairobi have neighbourhood centres, which include
Total Population their operations in East Africa or enter the Donholm, Rosslyn, Kasarani, Mountain View, Ngong,
Growth
3.9% PER ANNUM pan-African market, it has benefited the office Mlolongo and Parklands. A few of the city’s major
market. In the next two to three years, the office retail centres include Two Rivers, Sarit Centre, Village
market - in particular the prime grade offices Market, Junction, The Hub, and Watermark.
Population Density
7 040 PEOPLE - is expected to gain prominence mainly in
PER KM²
Westlands.
Nairobi functions as the industrial hub of Kenya with

Airports (Including key light manufacturering producing mainly beverages,
Jomo Kenyatta cigarettes, and processed foods. Currently, the
International Airport (18 km)
industrial sector is becoming more formalized with
international standards for warehousing and logistics.
Time Zone
EAT
BASICS

(all relevant nodes) Westlands
Submarkets- Nodes (top industrial stock) Ruiru, Limuru, Industrial Area, Baba Dogo, Mlolongo, Athi River
Submarkets- Nodes (top retail stock) Westlands, Gigiri, Lavington, Karen, Runda, CBD, Rosslyn, Donholm, Kasarani, Mountain View, Ngong,
Rental Rates Office Stock (range) (monthly nett-rent in USD per sq. m) $9 – $11 (all relevant nodes) Mlolongo, Athi River, Parklands, Mombasa Road, Highridge, Church Road, Kilimani, Kileleshwa
Rental Rates Industrial Stock (range) (monthly nett-rent in USD per sq. m) $3 – $8 Currency Unit (in which rents are quoted) Ksh
Rental Rates Retail (range) (monthly nett-rent in USD per sq. m) $10 – $40 Area Measurement Unit (m² or ft²) Ft²
Vacancy Retail Stock (%) 25% (sq. m/sq. ft per worker) 8m²
38. 39.
Kenya Kenya
Nairobi Express Highway Nairobi Express Highway

Several new commercial developments are expected along
THE BENEFITS EXPECTED
the new highway, which facilitates the development of
supporting amenities. The development of a commercial
The expressway project presents a number of socio-economic centre could open opportunities for the development of
benefits. Since the onset of the project, 6 000 employment restaurants, take-away shops, filling stations and possibly
opportunities were created for the duration of the project residential developments, etc. As the highway runs through
implementation phase. The emergency lanes forming part the CBD, it is expected that prices for commercial space
of the expressway will help improve emergency response will increase. This is not only limited to Nairobi’s CBD but
services while improved traffic flow will also improve trade along the entire highway. Groganville Estate is located near
efficiency. Not only does the expressway play a critical role the James Gichuru Junction and has numerous tourist
in easing traffic congestion from three hours to an estimated accommodations ranging in price range and type. This area
20 minutes, but will also affect other sectors and in particular is also home to the ABC Place Shopping Mall located at
the real estate sector. As the project nears completion, the James Gichuru Junction. The upgrade of the express
appreciation of property prices can be expected and new highway can improve access to facilities such as
investment opportunities present themselves. accommodation establishments as well as the mall and
in turn, can enhance the business climate. Mlolongo is a
One of the major positive spin-off effects that the Nairobi satellite city near Nairobi in which the city and businesses
expressway could have on other economic sectors is the could benefit from the road infrastructure improvement
promotion of tourism. The ease of accessing various parts of provided by the new highway.
the city allows for opportunities to link various land uses and
activities such as the Jomo Kenyatta International Airport,
conferencing facilities, and accommodation establishments Overall, it is expected that the price
which can now easily be linked to other tourist attractions of residential property will rise in areas
Kenya has embarked on a major infrastructural project, due to ease of access.
launched in 2019 and is due for completion in December
neighbouring the expressway. It is expected
2022. The new $550 million elevated highway, also known that the expressway will encourage investors
as the expressway, is the most recent infrastructure to pursue new developments along the newly
initiative to alleviate traffic congestion on existing roads
currently under development in Nairobi. The 27km
upgraded expressway, and property prices in
expressway runs from Mlolongo, through Jomo Kenyatta these areas will also continue to rise.
International Airport (JKIA) and Nairobi’s CBD and continues
to James Gichuru Junction. With 10 interchanges facilitating
traffic to and from the new expressway it not only improves
traffic flow on the road but also improves linkages to various
parts of the city. The new four- and six-lane dual carriageway
is meant to share the traffic load with existing roads.
The project is driven by a public-private partnership in

association with China Road and Bridge Construction
Corporation (CRBC). CRBC is financing the project and will
be in charge of operations for the first 30 years. During
this period, the costs of the project will be recovered and
operations will be handed over to the Kenya National
Highways Authority.
40. 41.
Africa Report 2022
Mauritius
57.500941 Overview
-20.160907
Mauritius gained independence from the United is mainly driven by the depreciation of the local
Kingdom in 1968 and has since established a stable and currency against the USD as well as the significant rise in
competitive economy. The economy of Mauritius commodity prices. Another challenge experienced is strained
experienced an average growth rate of 3.8% between 2015 supply chains which are aggravated by the distant location
and 2019. Although the country itself did not record many of the island which makes the market susceptible to minor
cases of COVID-19 infections up to date and the impact disruptions.
on the health system was well managed, the pandemic
still had a major impact on the country’s economy which Mauritius is an attractive investment destination and
contracted by 14.9% in 2020 due to its reliance on the is deemed as having an innovated and diversified
tourism sector which was significantly affected by the economy. The country is ranked first in Africa for ease of doing
international travel restrictions brought on by the global business and 13th globally. The Economic Development
pandemic. Board (EDB) is a government agency responsible for
facilitating and supporting investment in the country
The tourism sector accounts for approximately 20% of and recently introduced Investment incentives to both
the total GDP and for 22% of employment. The Mauritius domestic and foreign investors such as reduced corporate tax
economy has grown from $10.91 billion in GDP in 2020 to rates for companies engaged in global trading activities and
Capital Official $13.5 billion in 2021. GDP is expected to grow by 5.0% in 2023 investment tax credit over three years on the cost of new
PORT LOUIS Language and 6.0% in 2024 mainly driven by the recovery of the plants and machinery.
ENGLISH tourism sector.
A notable major project in the country currently underway is
The property sector is becoming an increasingly attractive the construction of the A1 and M1 link Road which is aimed
sector for both local and foreign investors, especially after at addressing issues of traffic congestion as it will improve
the country’s government decided to open the market to the distribution of traffic traveling to Port Louis and Beau
foreign homebuyers. This has had a significant impact on Bassin. Another major project is the $525 million Metro
Currency Land Area2 the residential market in particular. What makes Mauritius an Express project which is a 26 km light rail public transport
MAURITAN 2 040 KM attractive place to buy residential property is the scenic system planned to be fully operational by the end of 2022.
RUPEE beauty, tax benefits, and low crime rates. The industrial This rail transit system is a two-phased project aimed at
sector has a prime yield of 8.5%. Warehousing is an active facilitating movement through five major cities which include
market with good growth prospects. In the retail sector, there is Curepipe, Vacoas, Rose Hill, Quatre Bornes, and Port Louis.
approximately 350 000 sqm of retail supply largely made up The project will stimulate job creation and will also provide
of malls. safer and more efficient means of travel.
The country experienced an increase in inflation rates from

0.45% in 2019, 2.52% in 2020 to 4.0% in 2021. This increase
RATINGS AND INDICES

1.27 million 2021
Projected GDP Growth (2022 & 2023): 6.7%; 5.0% 7,4%
Population Density: 623.51 GDP Growth (2019 & 2020): 3.02%; -14.9% Ease Of Getting Electricity Rank 28/187
42. 43.
Mauritius Africa Report 2022
City Introduction: Port Louis City Specific Property Market:

Port Louis
Area Port Louis is the capital and houses the main port city of The industrial sector is mainly comprised of secondary
47 KM²
Mauritius. The city’s commercial harbour is strategically industrial space with a smaller share of premium industrial
located along shipping routes providing linkages between space. The main industrial areas include the Port, Kin Fei
Africa, Asia, Europe and Asia. The port has seen changes Industrial Zone, Plaine Lauzen, and Pailles. The average
Total Population
over the past few decades with the modernisation of port rental rates for industrial space range between $3 and $6 per
0.2 MILLION (2021)
facilities and being supplemented by spectacular waterfront sqm. The Jin Fei Industrial Zone project is supplementing
developments. The port plays an important role in logistics capacity within the main port area which is saturated while
for both imports, exports and distribution while providing strengthening the China-Africa economic and trade
Total Population freeport zones. The city’s economy is mainly driven by port cooperation.
Growth
0.05% PER ANNUM operations, tourism and the manufacturing sector.
The average rental rate for the retail space is $20 per month
Port Louis, a popular business area, has approximately per sqm. The most prominent retail centres in Port Louis are
Population Density 150 000 sqm of office stock. The city’s office market Riche Terre Mall and Port Louis Waterfront.
3 340 PEOPLE
PER KM² comprises a mix of high, medium, and low-quality offices
mainly distributed within the CBD area and Caudian. There
is currently no major growth expected within the office
market mainly due to insufficient demand for office space.
Airports (Including The average rental rate for offices ranges between $8 and
distance in km from CBD) $10 per square meter per month. The major occupiers of
Sir Seewoosagur Ramgoolam
International Airport office space in Port Louis include IQERA, SWAN (a local
(48 km)
insurance group), MCB and SBM (local banks), and Investec.
Time Zone
UTC +4 MUT
BASICS

(all relevant nodes) CBD, Caudan
Submarkets- Nodes (top industrial stock) The Port, Jin Fei Industrial Zone, Plaine Lauzun, Pailles
Rental Rates Office Stock (range) (monthly nett-rent in USD per sq. m) $8 (all relevant nodes) Plaine Verte
Rental Rates Industrial Stock (range) (monthly nett-rent in USD per sq. m) $3 - $6 Currency Unit (in which rents are quoted) MUR/m²
Rental Rates Retail (range) (monthly nett-rent in USD per sq. m) $20 Area Measurement Unit (m² or ft²) m² and ft²
Vacancy Retail Stock (%) Unknown (sq. m/sq. ft per worker) 6.5m² - 8.5m²
44. 45.
Mauritius Africa Report 2022
City Introduction: Ebene City Specific Property Market:

Ebene
Area Ebene is a suburb in Qautre Bornes, located 15km south Some of the major retail outlets in Ebene include
1.2 KM² of Port Louis. The Eben Cybercity is a well-established Bagatelle Mall of Mauritius, La City Trianon and
business hub, especially in information technology. Phoenix Mall. Tribeca Central is a mixed-use
Ebene is the headquarters of various global commercial development aimed at creating a vibrant space
Total Population companies such as HSBC, KMPG, DHL, Oracle, Deloitte, for retail, office and leisure. This project is currently under
1 001 (2022) etc. The area also houses a range of other exquisite construction and should be completed by the end of 2022.
developments such as the Hennesy Park Hotel, Ebene
Shopping Complex, Waves Esthetique and Spa, Trianon
Total Population Convention Centre, Eben Recreational Park and various
Growth restaurants.
Unknown
Ebene has approximately 430 000 sqm of office stock.
The office market comprises of a variety of good quality to
Population Density
834 PEOPLE secondary offices distributed in mainly Bagatelle, Ebene,
PER KM² Ebene Cybercity, Trianon, Phoenix and Sodnac. Most
occupiers are enquiring about good quality office space
with average rental rates ranging between $7 and $15
per sqm / monthly. Despite the activity in the office
Airports (Including market and the presence of prominent occupiers,
distance in km from CBD) Ebene has high vacancies, particularly in the older office
Sir Seewoosagur Ramgoolam
International Airport buildings. Major occupiers of offices in Ebene include
(36 km) Accenture, Ceridian, SD Worx, MCB (a local bank) and Vistra.
Time Zone
UTC +4 MUT
BASICS

(all relevant nodes) Bagatelle, Ebene Cybercity, Trianon, Phoenix and Sodnac
Submarkets- Nodes (top industrial stock) N/A
Rental Rates Office Stock (range) (monthly nett-rent in USD per sq. m) $7 - $13 (all relevant nodes) Various areas
Rental Rates Industrial Stock (range) (monthly nett-rent in USD per sq. m) Unknown Currency Unit (in which rents are quoted) MUR/m²
Rental Rates Retail (range) (monthly nett-rent in USD per sq. m) $25 Area Measurement Unit (m² or ft²) m² and ft²
Vacancy Retail Stock (%) >5% (sq. m/sq. ft per worker) 6.5m² - 8.5m²
46. 47.
Morocco Africa Report 2022
-6.84843 Overview
33.969988
The Morocco economy is mainly driven by the sector is still attracting a lot of foreign direct investment
industrial - and trade sectors with telecommunications despite the COVID-19 pandemic, due to improved
becoming increasingly important to the country’s economy. infrastructure and other government initiatives.
The GDP of Morocco stood at $131.47 billion in 2021
and ranked the 5th highest in Africa. Foreign direct investment totalled $1.7 billion in 2021 with
manufacturing receiving the largest share of FDI, followed by
In 2021, Morocco’s economy rebounded with a 7.4% GDP real estate, trade, tourism and transportation. International
growth, after it contracted by 6.3% in 2020. Growth was investors are attracted by Morocco’s strategic location and
mainly driven by the increased production of cereal crops its proximity to Europe for trade and its tax incentives.
and exports. The GDP is expected to grow by 3.2% in
Capital Official 2022 and 3.5% in 2023, driven by the performance of the A notable development project is the development of the
RABAT Language industrial sector and the recovery of the tourism sector. Zenata Eco-City in Casablanca which was brought about
ARABIC by heavy traffic congestion and rapid urbanisation of
The COVID-19 pandemic and the associated restrictions Casablanca and other surrounding cities. Zenata Eco City
had a significant impact on the overall economy, however is set to be inhabited by 2023 with major opportunities
Morocco is expected to rebound due to its highest presented by the property sector in terms of residential,
Currency Land Area 2 vaccination rate in Africa - around 212 doses administered health facilities, educational institutions and other
DIRHAM 710 850 KM per 100 individuals. commercial developments.
Uncertainty in the international market as a result of the

lockdown restrictions and regulations, bottlenecks in the
supply chain and other market disruptions have slowed the
decision-making process for investments. The industrial
RATINGS AND INDICES

POPULATION 2020 GDP 2020 (USD) 114,72 billion Unemployment Rate Political Stability Index (2020) 121/194
36.9 million 2020
Urban Population: 63.53% GDP per Capita (USD) (2021): 3058
48. 49.
City Introduction: Rabat City Specific Property Market: Rabat

Area Nairobi, the capital of Kenya, is an important economic The main industrial nodes in Nairobi include Ruiru,
117 KM²
and commercial hub in Eastern Africa. During the past two Limuru, Industrial Area, Baba Dogo, Mlolongo and Athi River.
decades, the real estate market has experienced
Total Population significant growth attributed to improved infrastructure Regional retail centres make up the greatest share of all
1.9 MILLION (2021) such as upgraded roads and utility connections. Nairobi retail centres and are mainly located in Westlands,
Gigiri, Lavington, Karen and Runda. Several areas in
As more investors and firms seek to expand Nairobi have neighbourhood centres, which include
Total Population their operations in East Africa or enter the Donholm, Rosslyn, Kasarani, Mountain View, Ngong,
Growth
1.2% PER ANNUM pan-African market, it has benefited the office Mlolongo and Parklands. A few of the city’s major retail
market. In the next two to three years, the office centres include Two Rivers, Sarit Centre, Village Market,
market - in particular the prime grade offices Junction, The Hub, and Watermark.
Population Density
4 900 PEOPLE - is expected to gain prominence mainly in
PER KM²
Westlands.
Nairobi functions as the industrial hub of Kenya with

key light manufacturering producing mainly beverages,
Airports (Including
distance in km from CBD) cigarettes, and processed foods. Currently, the industrial
Rabat–Salé Airport (8km)
sector is becoming more formalized with international
standards for warehousing and logistics.
Time Zone
WEST
BASICS

(all relevant nodes) CBD, New CBD, Historical City Centre and Sea Front
Submarkets- Nodes (top industrial stock) Kenitra (approximately 50km from Rabat)
Rental Rates Industrial Stock (range) (monthly nett-rent in USD per sq. m) $4 - $6.5 Currency Unit (in which rents are quoted) DH
Vacancy Office Stock (%) 20% - 25% Rent Payable (frequency) Quarterly /monthly
Vacancy Industrial Stock (%) 10% - 15%
Vacancy Retail Stock (%) < 10% (sq. m/sq. ft per worker) 11 m²
50. 51.
City Introduction: Casablanca City Specific Property Market:

Casablanca
Area Casablanca is often referred to as the economic capital

384 KM² Most secondary industrial spaces
of the country. The city is the location for the main port
which drives the trade industry and is also the main are located in Grand Casablanca and other old
tourism hub in the country, Casablanca houses the industrial areas. The industrial space comprises
Total Population
3.8 MILLION (2021) Mohammed V International Airport, Morocco’s busiest mainly of approximately 70% secondary
airport which handles more than 6 million passengers
industrial space and the rest is premium
annually hosting airlines from all over Africa, the Middle
industrial space.
Total Population East and Europe.
Growth
1.0% PER ANNUM The largest share of retail is made up of shopping malls.
There are a number of ongoing pipeline projects in the city
Morocco Mall, AnfaPlace Shopping Center and Marina
including the Casa Finance City which is a new business city
Mall are some of the major malls in Casablanca.
Population Density centre and the Aeria Mall (earmarked to be open by 2023).
9 896 PEOPLE Convenience and community centres also play a
Some of the prominent occupiers of office space in the
PER KM² prominent role in the city’s retail sector and are
city include both international companies notably, Huawei,
mainly clustered in areas such as Racine and Bourgogne.
Société Géenérale Deloitte, Samsung and Dell. Some
of the local occupiers include Moroccan banks such
as Attijari, BCP and CFG Bank.
Airports (Including
Mohammed V International
Airport (36,2km) Flex office spaces have become popular due to the majority
of occupiers reducing traditional office occupation.
Time Zone
WEST
BASICS

(all relevant nodes) Racine, Bourgogne and other areas
Submarkets- Nodes (top industrial stock)
(all relevant nodes) Sour Jdid, the old industrial areas and areas surrounding the port
RENTAL RATES AND VACANCIES
Rental Rates Office Stock (range) (monthly nett-rent in USD per sq. m) $12 - $15 (all relevant nodes) Various areas in Casablanca
Vacancy Office Stock (%) 10% Rent Payable (frequency) Quarterly /monthly
Vacancy Retail Stock (%) Malls and shopping center: less than 10%, Street retail: 20% - 25% (sq. m/sq. ft per worker) 11 m²
52. 53.
City Introduction: Tangier City Specific Property Market:

Tangier
Area Tangier is a port city in northern Morocco, located on

116 KM²
the Strait of Gibraltar. Tangier is also known as the
gateway to Africa and Europe. Having excellent road and rail
Total Population infrastructure, the city also has excellent transport links
1.2 MILLION (2021) to Fès, Meknès, Rabat, as well as Casablanca, which bodes
well for the city’s trade industry and shipping services.
Tangier-Med plays a significant role in the city and the
Total Population country’s economy. Increasingly, the port has become a
Growth
3.3% PER ANNUM magnet for investors from various sectors, especially in the
automotive and logistics sectors. The Tangier Med Port
experienced significant growth in its capacity and
Population Density
10 345 PEOPLE production lines and has attracted large foreign direct
PER KM² investments which stimulate economic growth and creates
numerous job opportunities.
Airports (Including
Tangier Ibn Battuta Airport
(14km)
Time Zone
WEST
BASICS

(all relevant nodes) Free Zone, Mesnana, City Centre, and various areas
(all relevant nodes) Tangier Port area, Industrial Zones
Rental Rates Office Stock (range) (monthly nett-rent in USD per sq. m) $4 - $9.5 (all relevant nodes) City Centre and other areas
Vacancy Office Stock (%) Unknown Rent Payable (frequency) Quarterly /monthly
Vacancy Retail Stock (%) Unknown (sq. m/sq. ft per worker) 11 m²
54. 55.
Morocco Morocco
Feature: Tangier Med Port Feature: Tangier Med Port

Tanger Med Port is a global logistics hub, located on the The Tangier Med Port is currently ranked 25th worldwide, In 2019, the Tanger Med Port handled more than 65 million
northern tip of Morocco. Its geographic location provided surpassing other massive ports of the Mediterranean such tons of goods which increased to 75 million tons in 2020
definite advantages including its proximity to the mouth as the Piraeus Port in Greece, the Port of Valencia and the and 101 million tons in 2021, showing continued growth
of the Mediterranean and considered one of the busiest Port of Algeciras in Spain. It includes a port complex, a throughout the COVID-19 pandemic. In 2021, private
shipping lanes along the Strait of Gibraltar. The port is logistic-free zone (an area where goods are being exported investments to the value of $120 million were dedicated
approximately 14km from Spain and its proximity to the without customs duties), industrial space, and connecting towards 28 new projects in various Tanger Med Zones,
European markets facilitates trade between Africa and infrastructure. highlighting the attractive investment climate. In addition,
Europe which can only accelerate growth. 8 companies within the industrial zones expanded
More than 180 ports in 70 countries are connected to Tangier their operations and activities while the logistics zone
Med which has the capacity to handle more than 9 million attracted eight new operators. The Tanger Med Zones
containers, 7 million passengers, 700 000 trucks, and one provide benefits such as tax advantages, and exemption
million vehicles annually. The first phase is already operating from customs fees translating into great
at maximum capacity and the second phase currently stands opportunities for foreign investors. With its global impact
at 80% of development completion. In 2019, the Morocco and continued growth, this port shows a future of excellence.
government with the King of Morocco, launched the third
phase of the expansion of this significant and strategic assist
to include the development of two new container terminals
aimed at increasing the capacity of handling about 6 million
Apart from its ideal location, Morocco managed to
TEUs.
successfully enter the transhipment market and has become
the leading container port in the Mediterranean. Tangier
The logistics-free zone provides logistic services enabling
Med Port recorded more than 7.1 million TEU containers in
the distribution of goods between more than 100 countries.
2020 surpassing that of Spain’s Port of Algeciras. The port
The main sectors driving operations include the textile,
is well-established and able to provide for the commercial
automotive, aeronautics, and logistics sectors. The port
shipping needs of the larger region. This proves that
attracts some of the top world-renowned companies which
Morocco managed to translate opportunities into a world-class
include Adidas, DHL, and Nippon Express.
competitive facility while establishing linkages with 40
African ports and facilitating African trade with the rest of
Tanger Free Zone is an industrial park that started
the world.
operations in 1999 and provides incentives and various
options for land sales and leasing of warehouses. It houses
the Renault Plant and factory in the Tangier Med Port, which
started production in 2012 and produced more than 50 000
vehicles in its first year of operation. In 2017, the plant reached
a production capacity of 340 000 vehicles. Of the total
production, 95% of vehicles are exported through Tangier
Med Port. From this plant, vehicles are exported to 73
different destinations worldwide. The Renault Plant has also
made a huge contribution to employment opportunities,
creating approximately direct 8 000 jobs and an estimated
30 000 indirect jobs through supplier activity during this
period.
56. 57.
Africa Report 2022
Mozambique
32.574126 Overview
-25.969035
Mozambique is very rich in natural resources including such as the Mocuba Project. As part of Mozambique’s
mineral resources and natural gas offshore. Its strategic Economic and Social Development Plan 2015/16, this project
location neighbours four landlocked countries, making was designed to improve the capacity and reliability of
Mozambique an important channel to global markets. Mozambique’s energy supply while reducing carbon emissions.
Mozambique’s GPD was $14.01 billion in 2020. The country’s
economy is mainly driven by the agriculture and mining
sector contributing approximately 25% and 10%
respectively. Mozambique is a popular tourist destination
with the tourism sector contributing approximately 3.4% to
the Gross National Income.
Official Economic projections for Mozambique indicate stable

Capital
MAPUTO Language growth for the next five years with the prospects estimated
PORTUGUESE at 5.5% annually driven by sectors such as manufacturing,
agriculture, infrastructure, real estate and financial services.
After the discovery of natural gas off the coast of

Northern Mozambique in 2010, Mozambique’s Liquefied
Currency Land Area Natural Gas (LNG) project secured investment to the
2
METICAL 801 590 KM
value of $20 billion in 2019. The project is on track to deliver
natural gas to the market by 2024, at an average of 43 million
tons annually. In addition to encouraging additional foreign
investment, the project is expected to significantly stimulate
economic growth. Other major foreign direct investments
(FDI) include infrastructure and power generation projects,
RATINGS AND INDICES

Peace Index (2021) 104/163
POPULATION 2021 GDP 2020 (USD) 14,01 billion Unemployment Rate Political Stability Index (2020) 168/194
31.25 million 2020
Projected GDP Growth (2022 & 2023): 5.1%; 9.6% 3,81%
Total Population Growth: 2.88% GDP per Capita Growth (2019 & 2020): -0.61%; -4.04% Energy Supply Reliability Index (2020) Some concern
58. 59.
Mozambique Africa Report 2022
City Introduction: Maputo City Specific Property Market:

Maputo
Area Maputo is the capital of Mozambique and has a thriving $100 million for the development of the Maputo Urban
347.69 KM² tourism sector. As coal exports increase worldwide, Transformation Project, aimed at improving urban
Maputo Port Development Company (MPDC) recognizes the infrastructure and the delivery of basic services. The first
opportunity to expand the ports’ footprint. The expansion phase of the project involved the improvement of water
Total Population could increase capacity from 1.5 million tons annually to infrastructure in informal neighbourhoods as well as in
1.1 MILLION (2021) approximately 4.5 million by the end of 2022. Maputo city centre. Another major project in Maputo is
the 500-unit housing project driven by The China Jiangxi
In light of the possibility of the LNG project kicking off Corporation for International Economic and Technical
in 2022, the office market has expanded, especially in Cooperation (CJIC). This project started in 2020 and is
Total Population
Growth Downtown areas and on Julius Nyerere street. Vodacom, set for completion by 2025. The development is located
1.0% PER ANNUM Total Energies, ENI, Dellloite, ENI, Standard Bank and approximately 15km from the city centre and includes
KPMG are among the major companies with offices in the residential buildings, a school, a health centre, a retail centre
city. and sports grounds.
Population Density
3 100 PEOPLE
PER KM² Maputo’s industrial areas are mainly located in Chiango
(Agility Park) in the north of the city. In order to generate
more revenue, Mozambique’s government plans to expand
The project will create at least 200 jobs
industrial parks and reduce imports. Most retail centres are
located in Zimpeto, Polana Cimento, and Avenida Marginal and will stimulate further economic growth in
Airports (Including
distance in km from CBD) and include Premier Spar, VIP Spar, Shoprite, Woolworths, the city.
Maputo International Airport Strada, Home Centre, Mr Price, Intermoda, and Studio 88.
(3km)
In 2020, the World Bank approved a grant to the value of

Time Zone
CAT
BASICS

(all relevant nodes) JAT area, CBD, Sommerschiled
(all relevant nodes) Chiango, Av. Angola & FPLM
Rental Rates Office Stock (range) (monthly nett-rent in USD per sq. m) $17 - $26 (all relevant nodes) City Centre
Rental Rates Industrial Stock (range) (monthly nett-rent in USD per sq. m) $5 - $7 Currency Unit (in which rents are quoted) USD / Meticals
Vacancy Office Stock (%) 32.75% Rent Payable (frequency) Monthly
Vacancy Retail Stock (%) 20% (sq. m/sq. ft per worker) 5m² - 7m²
60. 61.
Africa Report 2022
Namibia
17.072123 Overview
-22.562724
Namibia’s main economic driver is mining and is one of the FDI had increased to about $12.8 million with key investments
fourth largest exporters of non-fuel minerals on the continent. in natural resources such as uranium, diamonds, zinc, copper,
The economy also relies heavily on producing and exporting and oil. South Africa, the United Kingdom, the United States,
commodities such as minerals, beef and fish. Although the and Germany are the main countries investing in mining.
country is in its 32nd year of independence, it still heavily Mining and quarrying attract about 61% of FDI, and other
relies on imports from South Africa such as food, petroleum sectors such as financial services and manufacturing attract
products, machinery, equipment, chemicals, and medication. about 24% and 6.0% respectively FDI.
Over the past few years, Namibia’s economy faced several The recent discovery of oil and gas on the coast of
challenges such as a decade-long drought and recently the Namibia was made by TotalEnergies and Shell, with an
COVID-19 pandemic. In 2020 GDP contracted by -8,50%. estimated three billion barrels of oil reserves. These
Official With the opening of borders and lesser COVID-19 discoveries could change the economic future of the country
Capital
WINDHOEK Language restrictions, the economy is expected to rebound and grow as it would receive about $3.5 billion in royalties and taxes
ENGLISH by an average of 3.6% annually over the next three annually, create jobs and attract foreign investments.
years. The projected economic growth will mainly
be driven by the mining industry. Namibia’s tourism In 2018, the Namibia Transport Infrastructure Improvement
sector was one of the sectors most severely affected Project (NTIIP) was launched and is set for completion in
by the COVID-19 pandemic however, it remains a 2025. This project prioritises upgrading the railway line
NAMIBIAN prominent economic sector providing great potential for between Walvis Bay and Tsumeb and the road from
825 615 KM
DOLLAR investors. With the relaxation of most travel restrictions, Windhoek to Hosea Kutako International Airport. The
the sector has been picking up over the past few months. TIIP is aimed at promoting linkages between the port to
neighbouring countries to facilitate the development of an
Foreign Direct Investment (FDI) in the first half of 2021 integrated transport network and become a regional logistics
amounted to approximately $11 million which was the best hub to enhance its business environment and trade
performing first half since 2018. By October 2021, the value of competitiveness.
RATINGS AND INDICES

2.49 million 2020
Total Population Growth: 1.84% GDP per Capita Growth (2019 & 2020): -2.72%; -10.71% Energy Supply Reliability Index (2020) Reliable
62. 63.
Namibia Africa Report 2022
City Introduction: Windhoek City Specific Property Market:

Windhoek
Area Windhoek serves as the administrative, legislative, Majority of Windhoek’s offices are located in the CBD district
5 133 KM² judicial and financial capital of Namibia with an estimated and comprise of secondary grade offices and limited good
population of just under half a million people, quality office stock. There is a general demand for prime
accounting for 25% of the national population. The majority and grade A office space as they are limited in this small
Total Population of Namibia’s larger corporate companies have their city. Among the most significant occupiers of office space
0.46 MILLION (2022) headquarters in Windhoek such as Telecom Namibia, the in Windhoek are government officials and services, Nedbank,
Development Bank of Namibia, SCE Consulting Engineers Bank Windhoek, First National Bank, Sanlam and Old Mutual.
and KPMG and PWC. A number of South African financial
Total Population services companies have a regional presence in Windhoek Windhoek’s industrial space is divided into the Northern
Growth and include companies such as PSG, Standard Bank and and Southern Industrial areas. The city’s industrial space is
3.4% PER ANNUM Santam. largely occupied by secondary industrial stock (80%), while
premium industrial space makes up the remaining 20%.
Most of the country’s manufacturing and light Average vacancy rates for industrial spaces are 10%.
Population Density
63 PEOPLE industries are in the city. Manufacturing in this region
PER KM² consists primarily of meat processing, beer brewing, Windhoek’s retail sector is dominated by regional shopping
plastics, aluminium products, chemicals, clothing, furniture centres, which account for half of the retail space in the
and steel manufacturing. Hosea Kutako International Airport capital. Community centres, convenience centres, and
is approximately 45km from Windhoek Central and is city centres also dominate the sector. There are several
Airports (Including serviced by Airlink, British Airport, Ethiopian Airlines, major shopping centres in the city, including the Grove Mall,
distance in km from CBD) Eurowings Discover, FlyNamibia, Mack Air, Qatar Wernhill Mall, Maerua Mall and Independence Avenue.
Hosea Kutako International
Airport (45km) Airways, and TAAG Angola Airlines. The Airport is
also an important cargo hub with destinations to and from
Time Zone Johannesburg, Frankfurt, and Doha.
CAT
BASICS

(all relevant nodes) North and Southern Industrial
Rental Rates Office Stock (range) (monthly nett-rent in USD per sq. m) $5 - $22 (all relevant nodes) CBD, Spread across various areas in Windhoek
Rental Rates Industrial Stock (range) (monthly nett-rent in USD per sq. m) $5 - $14 Currency Unit (in which rents are quoted) Namibian Dollar
Vacancy Retail Stock (%) 10% (sq. m/sq. ft per worker) 12 m²
64. 65.
Namibia Africa Report 2022
City Introduction: Walvis Bay City Specific Property Market:

Walvis Bay
Area Namibia’s main port, Walvis Bay’s harbour has exported Industrial stock and warehousing are comprised of
1 124 KM² uranium since the late 1970s. Located near shipping routes, approximately 80% secondary industrial space and 20%
the port facilitates trade and transportation between Cape premium industrial space. The majority of the premium
Town and other countries in southern and western Africa, as industrial space is located in various industrial areas of
Total Population well as South America. Walvis Bay, while most secondary industrial spaces are
0.52 MILLION (2022) located at the port or dockside. There is currently an
Walvis Bay’s office stock consists largely of low-quality office average vacancy rate of 10% for both premium and
stock mainly located in the CBD area. The average vacancy secondary industrial space. The industrial property market
Total Population rate for Grade C office stock is generally high, reported at is experiencing a new trend in which older warehouses are
Growth 25%, followed by Grade B office stock with a 20% vacancy being renovated and converted. Furthermore, there are plans
4.0% PER ANNUM rate. to expand industrial areas to the outskirts of Walvis Bay,
away from the traditional port area.
Population Density Most retail centres in Walvis Bay are

1 886 PEOPLE neighbourhood shopping centres, making up
PER KM² about 40% of the total retail space in the town.
These are followed by community centres,
which occupy about 30% of the retail space, city
centres which occupy 20%, and convenience
Airports (Including outlets which occupy 10% of the retail space.
distance in km from CBD) Overall, retail space has a vacancy rate of 15%.
Walvis Bay International
Airport (15km) The Dunes Mall is the most prominent retail
development.
Time Zone
CAT
BASICS

(all relevant nodes) Walvis Bay General, Port/Dockside
Rental Rates Office Stock (range) (monthly nett-rent in USD per sq. m) $5 - $12 (all relevant nodes) Dunes, Spread across various areas in Walvis Bay
Rental Rates Industrial Stock (range) (monthly nett-rent in USD per sq. m) $5 - $12 Currency Unit (in which rents are quoted) Namibian Dollar
Vacancy Retail Stock (%) 15% (sq. m/sq. ft per worker) 12 m²
66. 67.
Africa Report 2022
Nigeria
7.398594 Overview
9.076472
Nigeria is the most populous West African country, especially in Lagos.

and the leading African economy with a GDP of almost
$440 billion in 2021 accounting for 18% of Africa’s GDP. The The pandemic and the associated lockdown restrictions
economy is highly substantiated by oil production and exports, affected specifically the office sector which saw declining rents and
which accounted for 9.25% of the GDP in 2021 and derived services charges while landlords provided various incentives such
about 85% of export earnings. The economy is expected to grow as free parking, fit-out contribution, etc. in order to boost demand.
by 2.5% in 2022 and 2.8% in 2023 mainly driven by the rising During this period, there was mounting uncertainty which halted
crude oil prices and increased demand post COVID-19. With the construction activity.
Russian invasion of Ukraine and the associated sanctions on
Russia, the oil prices reached new heights in the first half of 2022 Although Nigeria is the leading country in the continent based
and have benefitted the oil-producing economies such as Nigeria. on GDP, it is still one of the poorer countries compared to its top
contenders like South Africa and Egypt. Some challenges that
Other prominent economic sectors are the agricultural sector and persist in Nigeria are slow clearance of goods and congestion at
the services sector, the latter consisting of telecommunications, Nigerian ports. There is also insurgency in the northern regions
financial and other services. The agricultural sector contributed of the country while oil theft persists in the southern regions.
almost 26% of the GDP in 2021 while the services sector Recent reports indicate that the state has lost revenue of almost
contributed approximately 54% in the same period. Real Estate also $1 billion from oil theft. Security systems are generally required to
plays a prominent role in the country’s economy and is projected to counteract potential crime.
experience a 2.9% growth in 2022.
One of the key investment projects is the Lekki Deep Seaport
Capital Official The COVID-19 pandemic and the associated regulations project, a multi-purpose port located in Lagos aimed at
Language restricted in-person shopping while many households also facilitating commercial operations in Western Africa. The project is
ABUJA experienced tighter budgets due to salary cuts and job losses. currently 85% completed and will officially be launched later in
ENGLISH This affected household spending and ultimately the retail sector 2022. This project was brought about by the significant demand
contracted by 8.49% in 2020. However, this sector has been for container capacity which is expected to grow by 12.9% by 2025.
recovering well and is presented with growth strategies tha are This project is expected to create almost 170 000 jobs and will
customised to specific consumer preferences. accelerate economic development through industrialisation.
As one of Africa’s most densely populated countries and Another major project includes the Eko Atlantic City also known as
having a major housing deficit of approximately 20 million, the International Commerce City. Eko Atlantic City will comprise of
recorded in the fourth quarter of 2021, there is a high demand for 10 districts over a land area of 10 square kilometers and will include
Currency Land Area 2 housing. Proptech, also known as real estate technology, is the a variety of land uses such as residential, commercial, financial
application of technology used in the real estate market designed and tourist accommodation. The city will be able to accommodate
NAIRA 910 770 KM to help landlords, property owners, as well as tenants to improve about 250 000 residents with an estimated 150 000 commuters
the management of assets. The 2022 forecasts for the Nigerian real per day. Eko Atlantic was set to provide solutions to a number of
estate market are expected to be shaped by increased Proptech challenges such as the protection of the coastline of Victoria Island,
funding, and increasing deman for residential properties and co- and also the shortage of real estate in Lagos.
living spaces, especially among the youth population. Other real
estate opportunities lie within healthcare, industrial (especially The Mambilla hydropower project is a hydroelectric facility to be
data centres), and co-working spaces. located at Donga River. Four dams accompanied by two
underground powerhouses are planned for this project. This plant
E-commerce has been on the rise, estimated at is expected to be one of Africa’s largest power-generating projects
$6.6 million in 2021. This market has seen improved demand for once completed.
warehouses and distribution centres during the same period,
RATINGS AND INDICES

Peace Index (2021) 146/163
206.1 million 2020
Total Population Growth: 2.5% GDP per Capita Growth (2019 & 2020): 1.52%; -4.26% Energy Supply Reliability Index (2020) Some concerns
68. 69.
Nigeria Africa Report 2022
City Introduction: Abuja City Specific Property Market: Abuja

Area Abuja is the Capital city of Nigeria, a national legislative A major foreign investor in Abuja’s retail sector is South
1 769 KM² centre housing key government offices and some key Africa’s RMB Westport with its 27 300m² Asokor City Mall in
international embassies. The Abuja state has diverse the south eastern regions of Abuja and Novare Real Estate
economic activities ranging from agriculture, government, Africa with 25 000m² Novare Gateway Mall.
construction, real estate services, and business services
Total Population among other sectors. According to the United Nations, Abuja has been
3.6 MILLION (2021) identified as the fastest-growing city in Africa. The demand for
The real estate sector in the capital is attractive due to its residential property has seen an increase as the city is
high population growth. Offices in Abuja are mainly occupied deemed as one of the more secure places to live in the
by the government and state departments. The city has a country. This also stimulates the demand for retail and
number of good-quality office buildings, largely occupied by other commercial spaces and presents great opportunities
Total Population businesses related to the various government sectors and for property investment projects in Abuja.
Growth therefore the pricing of office rents is highly influenced by
5.7% PER ANNUM their proximity to government departments.
The industrial properties are mainly owner-occupied. One of

Population Density the key industrial nodes is the Abuja Industrial Park, with 184
2 035 PEOPLE industrial plots and capable of handling both heavy- and light
PER KM² industries on a variety of plots of different sizes. This park
provides important opportunities for industrial production
for local, regional and global corporations.
Airports (Including A large share of Nigeria’s air travel takes place

distance in km from CBD) through Abuja. In 2021, the city had the largest
Nnamdi Azikiwe share of domestic air travel recording 4.7 million
(20km) passengers. Further, 565 060 international air
travellers were recorded for the same year.
Time Zone
WEST
BASICS

(all relevant nodes) Wuse II, Maitama and the CBD areas
(all relevant nodes) Phase One Industrial Area (Dei Dei), Idu Industrial Area an Kubwa
Rental Rates Office Stock (range) (monthly nett-rent in USD per sq. m) $12 - $35 (all relevant nodes) Maitama, Wuse II, Jabi and other CBD areas
Rental Rates Industrial Stock (range) (monthly nett-rent in USD per sq. m) $3 - $5 Currency Unit (in which rents are quoted) Naira/ USD
Vacancy Office Stock (%) 50% Rent Payable (frequency) Quarterly/ annually
70. 71.
Nigeria Africa Report 2022
City Introduction: Lagos City Specific Property Market: Lagos

Area Lagos is the most populous city in the country with a The young population between the ages of 15 and 39, comprises of
population of over 15 million and contributing about 25% of approximately 50% of Lagos’s population. Recent residential trends
2 706.7 KM² the country’s GDP. The city is located in the southern region of show that there is an increased demand for smaller, well-serviced
Nigeria, overlooking the Gulf of Guinea. Lagos is the main financial, apartments as well as increased demand for co-living apartments.
commercial and industrial hub of West Africa and is home to more
than 200 financial institutions and to 60% of the Federation’s The largest share of the industrial space comprises of premium
total industrial investment and foreign trade. The city’s industrial space mainly located in the industrial zoned area such
Total Population economy is mainly driven by the Port City as well as various formal as Lekki Free Trade Zone and Ikeja. Secondary industrial spaces
23.4 MILLION (2021) and industrial sectors. are mainly situated in Ikorodu. The industrial market is currently
experiencing great interest, particularly from the data centre
Key commercial nodes with prominent international occupiers market.
are Ikeja, Eko Atlantic, Ikoy, Victoria Island and the Lekki corridor.
Lagos also attract a large share of air travellers and recorded The city’s property market holds great investment potential and
the largest share of international air travel in 2021. The city opportunities, especially as the economic environment is returning
Total Population accounted for 4.0 million domestic and 1.6 million international back to some normality after the global COVID-19 pandemic.
Growth air travellers.
3.4% PER ANNUM A number of mega-projects are currently underway in Lagos. One
The property market of Lagos experienced large investments of these is the Lagos-Calabar Railway which is a rail infrastructure
in recent years which has led to the development of grand scale project aimed at linking Lagos and Calabar, a port city in the south
and luxury properties. The Victoria is an affluent area that eastern region. A 1 402 km railway line is set to be constructed
Population Density encompasses a former island of the same name neighboring along with 22 railway stations. This project is aimed at restoring a
Lagos Island, Ikoyi and Lekki Peninsula by the La gos Lagoon. culture of commercial and personal railway transportation, creating
8 645 PEOPLE The town and island lie within the boundaries of the Eti-Osa approximately 500 000 jobs and the improve movement of cargo.
PER KM² Local Government Area (LGA), now referred to as the new business
and financial center of Lagos in Lagos State as it has the Another mega project is the Lagos light rail project of approximately
headquarters of most local and international companies. 27km, currently 90% complete and will commence operations
early in 2023. This project is aimed at strengthening the
Ikoyi is one of the most affluent neighbourhoods in Lagos State intermodal transportation system and will alleviate traffic
with a number of premium commercial buildings such as Heritage congestion in the city as well as improve traveling from the first
Place, Kingsway Towers, Alliance Place and the presence of some to the last point to 35 minutes.
Airports (Including government parastatals offices and multinational companies like
distance in km from CBD) British America Tobacco, Oracle, Google, etc. Also, Ikoyi is usually
Murtala Muhammed occupied by the upper-class Nigerians, foreign expatriate staff, and
International Airport top executives of multinational companies.
(15km)
While Nigeria has a fairly young population, the demographics
Time Zone largely affect the demand for residential typologies.
WEST
BASICS

(all relevant nodes) Ikoyi, Victoria Island, Lekki (Phase 1), and Ikeja
(all relevant nodes) Lekki Free Trade Zone, Ikeja and Ikorodu
Rental Rates Office Stock (range) (monthly nett-rent in USD per sq. m) $20 - $50 (all relevant nodes) Lekki (Phase 1), and Ikeja
Rental Rates Industrial Stock (range) (monthly nett-rent in USD per sq. m) $4.5 – $8.5 Currency Unit (in which rents are quoted) Naira/ USD
Vacancy Office Stock (%) 45% Rent Payable (frequency) Quarterly/ annually
72. 73.
Africa Report 2022
Rwanda
30.110067 Overview
-1.955316
Rwanda is one of the African countries with some Key economic challenges include the high cost of trade,
interesting historical changes relating to the 1994 genocide
low purchasing power, high-interest rates and a shortage of
but has since greatly transformed itself to now enjoying skilled labour force. However, Rwanda’s market also presents
political stability and enhanced security. The country has a
several opportunities. Although the country is landlocked,
growing economy and recorded a $10.54 billion GDP in 2021. it still has access to a regional market in the East African
The national GDP is expected to increase by 7.1% in 2022 regions as well as the Democratic Republic of the Congo. The
and 7.8% in 2023. Economic growth is mainly driven by the country has embarked on a strategy to establish universal
industrial sector, agricultural produce and exports of coffee,
access to electricity by 2024 which includes a mix of both
tea, cassiterite, and coltan. on-grid and off-the-grid connections, with the latter
presenting major investment opportunities. The
Agriculture in particular, is one of the main economic government’s objective of becoming the regional tourism
sectors contributing 26% to the national GDP. Other major hub presents a number of infrastructure and property-
Capital Official economic sectors include energy, trade, hospitality, and related opportunities. Future plans include the
KIGALI Language financial services. development of a new international airport and a number of
KINYARWANDA tourist facilities.
Rwanda has the potential of becoming a regional trade,
logistics, and conference hub to compete with its The foreign direct investment (FDI) data indicate that
neighbour, Kenya. Some of the key developments include Rwanda’s total FDI stood at $3.2 billion in 2018. In 2020/21,
the current construction of the new Bugesera International the government revisited its policies in an attempt to
Currency
RWANDAN Land Area Airport, which holds great potential for property improve economic growth and competitiveness. In addition,
2
FRANC 26 338 KM developments surrounding this area. About 10% of the the government is determined to increase FDI and wishes
total GDP comes from the housing and construction sector. to encourage international companies to invest in the new
Until the onset of the COVID-19 pandemic, this sector Kigali International Financial Centre. The Rwanda
experienced continuous growth. The real estate market in Development Board stated that new investment
Rwanda has been identified as one of the key sectors commitments to the value of $1.3 billion were secured in
boosting the economy post the COVID-19 pandemic. 2020, mainly vested in manufacturing, construction, and real
estate.
RATINGS AND INDICES

12.95 million 2020
74. 75.
Rwanda Africa Report 2022
City Introduction: Kigali City Specific Property Market: Kigali

Area Rwanda’s capital, Kigali, is located in the country’s central Kigali’s industrial spaces are mostly located in the Special
730 KM²
region. There is a reputation for cleanliness in the city, which Economic Zone and Gahanda. In the industrial sector, 80%
can partly be attributed to the ban on plastic bags. The City of the space is premium to good quality warehouse spaces.
Total Population has an estimated 45% of all small, medium and large firms in The retail stock in Kigali is largely composed of retail
1.20 MILLION (2022) the country based in this mall city and continues to witness warehouses, which represent 40% of the total retail stock,
rising urbanisation. followed by convenience stores (30%) as well as small types
of retail facilities in the city centres.
Total Population A majority of Kigali’s office space is made up of lower
Growth The main retail centres in Kigali include
3.34% PER ANNUM quality office stock, contributing about 50% of the office
stock with Prime offices buildings accounting for 5.0% of CHIC, MIC, Kigali Heights, and Kigali City
the city’s office stock. The majority of offices are located in Market.
Population Density
1 552 PEOPLE the CBD area, Kimihurura Gatway and Nyarutarama. Due
PER KM² to a lack of supply in the market, the office market is thriving
with a prominent demand for good quality office space.
Several key areas in the city are experiencing growth in
the office sector, including the CBD, Kacyiru, and Kimihurura.
Airports (Including
distance in km from CBD) Government agencies, telecommunication companies and
Kigali International Airport
(5km) commercial banks are among the major occupiers of office
space.
Time Zone
CAT
BASICS

(all relevant nodes) Kimihurura, Kacyiru, Kiyovu and Nyarugenge
(all relevant nodes) Masoro, Ndera, Kicukiro, Special Economic Zone
Rental Rates Industrial Stock (range) (monthly nett-rent in USD per sq. m) $4 - $8 Currency Unit (in which rents are quoted) Dollars
Vacancy Retail Stock (%) 5.0% (sq. m/sq. ft per worker) 8 m²
76. 77.
Senegal Africa Report 2022
-17.125432 Overview
14.737667
Senegal is a Franchofone West African country with an development of a deep-sea port in Dakar with the aim of
abundance of minerals, such as phosphates and iron ore, improving regional trade.
and is one of the world’s top producers of phosphate. Its
economic structure consists mainly of the services The investment environment is however crippled by high
sector, which accounts for almost 50% of the GDP and real estate costs and unreliable energy supply. Despite these
employs the largest share of the working population challenges, the government of Senegal is continually working
amounting to 57%. The next significant sector is the toward improving the country’s investment climate through
Industrial sector, which contributes approximately 23% initiatives to decrease the number of days to start up a
to the GDP and employs 13% of the working population. business. Its ranking on the Ease of Doing Business Index has
improved significantly from 141 to 123 out of 190 countries.
The country’s tourism sector has seen some growth in
recent years, however, growth was stalled by the outbreak
Capital Official of the COVID-19 pandemic. Senegal’s GDP increased from
DAKAR Language $22.52 billion in 2019 to $22.85 billion in 2020. For 2022
FRENCH and 2023, GDP growth is projected at 5.5% and 9.2%,
respectively, driven mainly by growth in construction, gold
mining, and oil and gas production. These sectors
also attract the best investment opportunities in Senegal.
Currency
WEST Land Area 2 Senegal experienced an increase in FDI inflows from
AFRICAN 196 722 KM $1.0 billion in 2019 to $1.4 billion in 2020. The increase in FDI
CFA FRANC inflow is mainly driven by energy investments in both oil,
gas, and renewable energy projects. Senegal has a number of
infrastructure projects. Notable projects include the
development of a new city in Diamnidio and a number of
infrastructure development projects such as the marine
infrastructure project. The latter project entails the
RATINGS AND INDICES

Cost Of Living (2021) Data not available
16.74 million 2020
Urban Population: 48.12% GDP per Capita (USD) (2021): 1471,8
Total Population Growth: 2.7% GDP per Capita Growth (2019 & 2020): 1.57%; -1.21% Energy Supply Reliability Index (2020) Some concern
78. 79.
Senegal Africa Report 2022
City Introduction: Dakar City Specific Property Market:

Dakar
Area The property sector in Dakar experienced a significant The increased urbanised population and the growing middle
547 KM²
increase in property prices, with an estimated 256% class in this city have resulted in a rising demand for retail
increase between 1994 and 2014. In 2014, the state centres and shopping outlets. Some of the major retail
Total Population incorporated laws to regulate real estate property prices. centres in Dakar include the Dakar City Mall with 7 000m² of
3.3 MILLION (2022) However, despite these regulations prices have gross leasable area (GLA). Ouakam is one of the prominent
again seen high rates of increase since 2019. The retail nodes in Dakar.
increases can mainly be attributed to inflation, the cost of
Total Population transactions, taxes, and the increasing cost of construction.
Growth
4.6% PER ANNUM
Industrial parks in and around Dakar include the Diamniadio
industrial park and Dakar integrated special economic zone
Population Density
6 033 PEOPLE (SEZ). The latter is an industrial park with service spaces,
PER KM² logistics platforms, and offices and provides incentives
through tax and customs exemptions. Several investment
opportunities exist in the SEZ, some of which are in the
agribusiness industry, the digital economy, and medical
Airports (Including
distance in km from CBD) services.
Léopold Sédar Senghor
(13km)
Time Zone
GMT
BASICS

(all relevant nodes) S.I.C.A.P. Liberte 4
(all relevant nodes) Ngor
Rental Rates Office Stock (range) (monthly nett-rent in USD per sq. m) $12 - $14 (all relevant nodes) Ouakam
Rental Rates Industrial Stock (range) (monthly nett-rent in USD per sq. m) Unknown Currency Unit (in which rents are quoted) CFA
Rental Rates Retail (range) (monthly nett-rent in USD per sq. m) Unknown Area Measurement Unit (m² or ft²) m²
Vacancy Office Stock (%) Unknown Rent Payable (frequency) Monthly
80. 81.
Africa Report 2022
South Africa
28.229229 Overview
-25.747806
South Africa is the second-largest economy in the prospects as external forces are expected to affect prices and
African continent, after Nigeria. It lost its first place, due to discourage domestic spending. Some of the stifling events to the
its lacklustre economic performance, political uncertainty, growth of South Africa is the inability of assuring investors and
restrictive macroeconomic policies and insufficient electricity consumers of power supply. This poses major challenges as the
supply. The main economic centres in South Africa are manufacturing, mining and general businesses have to look into
Johannesburg in the Gauteng province, Cape Town in the expensive investments in alternative power supply.
Western Cape and Durban in the KwaZulu-Natal province. All
three provinces combined contribute 64% of the national Despite the many challenges faced by the South the GDP is
economy, with Gauteng leading the pack at 34% of the national GDP expected to grow by an average of 1.8% over the next three years
contribution. and is expected to return to pre-pandemic production levels by
the end of 2022. South Africa also boasts a matured financial
The GDP increased by 4.9%, rebounding from the disastrous services sector and has the largest stock exchange in Africa.
global performance during the COVID-19 pandemic in 2020. The real estate has about 33 listed South African Real Estate
Investment Trusts (REITS) and three non-SA REITS currently listed
The main economic sectors in South Africa are mining, on the Johannesburg stock exchange.
transport, energy, manufacturing, tourism, and agriculture.
Finance, insurance, real estate, and business services contribute Nedbank’s latest capital expenditure report for listed projects
approximately 25% to the total economy. Mining and agriculture in the first half of 2022 carries a value of $8.1 billion, with 86%
are some of the key primary sectors in this economy, with gold being contributed by the private sector. The $4.6 billion Green
Capital and platinum mining dominating the resource sector. Whilst the Hydrogen Plant at the Coega Special Economic Zone is the biggest
PRETORIA
(ADMINISTRATIVE),
Official formal sectors remain predominantly matured, with the real estate,
business and financial services driving the economic activity
private sector project and falls within the electricity, gas and water
industry. The 524 000 square meter mixed-use government district
CAPE TOWN
(LEGISLATIVE)
Language and have absorbed majority of employment, South Africa is still of $1.1 billion is the largest government project and is listed under
AND ENGLISH considered one of the most unequal economies due to high
poverty, low education levels and unabating high unemployment.
the community, social and personal services industry.
BLOEMFONTEIN
(JUDICIAL) Several other key projects were also listed in the capital
Several property sub-sectors were affected by the COVID-19 expenditure report. Within the wholesale, retail and motor trade
pandemic. The office sector vacancy rates rose dramatically as industry, Pick ‘n Pay partnered with Fortress Reit to develop
most businesses adopted a hybrid work-from-home model and low a $122 million distribution centre in Gauteng. This distribution
demand persisted. centre is scheduled for completion in 2023. Investec Property
has embarked on the construction of a $368 million business and
The demand for e-commerce increased dramatically during the logistics park in uMhlanga. The industrial property sector has
Currency Land Area initial COVID-19 pandemic years which contributed proven resilience throughout the pandemic and has highlighted
RAND 1.22 million KM
2
positively to the logistics and warehousing industries. Hard the need and the opportunities within this sector, especially for
restrictions imposed on retail had detrimental effects on the sector warehousing and logistics facilities. Another key project is the
which saw a decline in sales and resulted in job losses. The retail Masingita Group-led Nkuna Smart City project with a value of
sector, however recovered well, evidenced by the improved retail $338 million. This development will integrate a variety of land uses
sales. Additionally, the July 2021 looting disruptions in Kwazulu such as commercial, industrial, business, retail, residential and
Natal and some parents of Gauteng affected retail and logistics in hospitality. The development of this smart is projected to create
South Africa as a whole and reversed some gains made in 2021. about 585 construction jobs and a further 325 permanent jobs.
The Government is slow in implementing key decisions that will

enable foreign investment and is riddled with corruption. The
recent war between Russia and Ukraine is reversing some of the
RATINGS AND INDICES

Peace Index (2021) 123/163
59.30 million 2020
Projected GDP Growth (2022 & 2023): 2.1%; 1.5% 35%
Urban Population: 67.35% GDP per Capita (USD): 5 655.86
Total Population Growth: 1.27% GDP per Capita Growth (2019 & 2020): -1.19%; -7.61% Energy Supply Reliability Index (2020) Some concerns
82. 83.
South Africa Africa Report 2022
City Introduction: Johannesburg City Specific Property Market:

Johannesburg
Johannesburg has the 7th largest GDP in the continent and Industrial nodes in the eastern regions of Johannesburg
Area one of the major economic hubs in South Africa, home to a include Isando, Kempton Park, Pomona, Longmeadow, and
1 645 KM² number of corporate head offices. In addition to financial, Spartan. The easy access to major highways such as the
insurance, and real estate services, the city’s economic N3, N17 and N12 as well as the strategic location to Africa’s
sectors include community, social, and personal services. busiest airports, makes this area an ideal location for
logistics and trade companies. Johannesburg’s central and
Total Population Key business nodes include Sandton, Rosebank, southern industrial areas include Alrode, Wadeville, City Deep,
Midrand, Waterfall and Bryanston. Some of the biggest Herriotdale, and Selby. Most of these areas consist of old
5.7 MILLION (2021) occupiers of office spaces, especially in Sandton include manufacturing facilities.
Webber Wenzel, Discovery, Sasol, Nedbank, Old Mutual and
ENS and a number of global head offices. Vacancy rates in The retail sector suffered great losses during the July
the office market however reached a high of 19.5% in late 2021 unrest and looting in Gauteng and KwaZulu Natal. A
2021 with some rental reversions in some of the key office number of malls and shopping centres across Johannesburg
Total Population segments. Office development pipelines have reduced were damaged during the unrest. The preliminary estimated
Growth significantly over the years preceding the COVID-19 damage in Gauteng stood at more than $230 million.
2.49% PER ANNUM pandemic, however, some developments are still
concentrated around the Waterfall, Rosebank and Bryanston
office nodes. In spite of the pressures on the office market In terms of new retail developments, a few
sector, Johannesburg continues to boast quality office developments are currently in the pipeline for
Population Density stock, with over 57% of its stock being either Prime grade or
Johannesburg to include Harvest Place in Kempton Park
3 400 PEOPLE Grade A.
PER KM² due to open in June 2022. The mall will house various
Johannesburg has a number of key industrial nodes, such retailers catering to higher-income groups.
as Midrand and Waterfall, the West Rand, Johannesburg
East in Germiston, and Johannesburg Central and Southern
Areas. Midrand and Waterfall are important information Plans of extending the Gautrain route are currently
technology and telecommunications hubs in Gauteng. Among underway as the first phase of the expansion has been
Airports (Including the industrial nodes are Waterfall Estate, Lords View and published in the Gauteng Provincial Gazette. The proposed
OR Tambo major developments along the N1 towards Pretoria. The expansion includes an additional 150km rail and an additional
International Airport activity in these nodes is largely driven by the growth 19 stations. The expansion of the Gautrain has a number of
(28.4km) of ecommerce and high tech distribution centres. The positive spin-off effects, particularly for the commercial real
Lanseria (52km) West Rand area is an older established industrial and estate sector. This includes improved access to various parts
manufacturing area with some newer and more established of Gauteng and improved and to economic and investment
developments found in Kya Sands and Lanseria. opportunities.
Time Zone
UTC +02:00 BASICS

(all relevant nodes) Sandton, Rosebank, Waterfall, Illovo, Braamfontein and other
Submarkets- Nodes (top industrial stock) Midrand, Waterfall Estate, Isando, Jet Park, Pomona, Longmeadow,
RENTAL RATES AND VACANCIES (all relevant nodes) Spartan and various other areas
Rental Rates Office Stock (range) (monthly nett-rent in USD per sq. m) $13.1 (all relevant nodes) Sandton, Randburg, Midrand and various other areas
Rental Rates Industrial Stock (range) (monthly nett-rent in USD per sq. m) $2.1 - $5.2 Currency Unit (in which rents are quoted) Rand
Rental Rates Retail (range) (monthly nett-rent in USD per sq. m) *$18.2 to $91 Area Measurement Unit (m² or ft²) m²
Vacancy Retail Stock (%) Unknown (sq. m/sq. ft per worker) 8m² to 12m²
84. *Depending on area, location and size. 85.

City Introduction: Pretoria City Specific Property Market:

Pretoria
Area
687.5 KM² Pretoria is the administrative capital
of South Africa and the host of most foreign
embassies. The economy of Pretoria is
diverse but mainly driven by community
Total Population and government services, financial services
2.7 MILLION (2021) and has a thriving vehicle manufacturing in
Rosslyn, west of Pretoria. Pretoria is home
to the University of South Africa and the
University of Pretoria, attracting a large
Total Population
number of students.
Growth
3.47% PER ANNUM The office market in Pretoria has experienced some
difficulties in the last few years, with rising vacancy rates.
However, the market has seen some improvement as
Population Density occupied office space has increased particularly in the
1 100 PEOPLE
PER KM² Pretoria East and has welcomed some major
developments in the last few years, centred around the
Highveld, Menlyn, Centurion and Midstream estates. The
latter is a key residential node which connects Midrand and
the southern parts of Pretoria, Centurion. In the last few Pretoria has some of the most prestigious malls in its
Airports (Including
distance in km from CBD) months, the vacancy rate for some areas such as Arcadia, retail sector, such as Menlyn Mall, Menlyn Maine, Brooklyn
Wonderboom Brooklyn and Pretoria East has increased. Due to market Mall, The Grove, Woodlands Boulevard, and Parkview Mall.
Airport (15.9km)
uncertainty, office developments in Pretoria have largely Rainbow Junction is a super-regional mall planned for the
been on hold. northern region of Pretoria and is expected to open in 2025.
Time Zone
UTC +02:00 BASICS

(all relevant nodes) Menlyn and Centurion
(all relevant nodes) Technopark
Submarkets- Nodes (top retail stock) Key shopping centres, Menlyn Park, Menlyn Maine, Wonderboom,
Rental Rates Office Stock (range) (monthly nett-rent in USD per sq. m) $10 - $13 (all relevant nodes) Centurion shopping centres
Rental Rates Industrial Stock (range) (monthly nett-rent in USD per sq. m) $4 to $5.3 Currency Unit (in which rents are quoted) Rand
Vacancy Industrial Stock (%) 4.0%

City Introduction: Cape Town City Specific Property Market:

Cape Town
Area Cape Town city is a port city and the legislative capital of The majority of industrial developments have occurred in
2 446 KM² South Africa, and also the capital of the Western Cape areas such as Epping, Airport City, Brackenfell, and Richmond
Province. About 37% of the city’s GDP comes from finance, over the past few years. These areas are strategically located
insurance, real estate, and business services. This is followed near airports, highways, and other supporting amenities,
by manufacturing contributing 14% to the economy. Other making it easy to distribute goods and products. Among the
Total Population sectors playing a significant role in the economy are retail prominent industrial developments are Moorsom Avenue in
4.8 MILLION (2021) and transportation. Most of these industries are driven by Epping Industrial, Newlyn Park, King Air Industrial in Airport
fisheries, clothing and textiles, wood, electronics, and the Industrial, and Brakengate.
hospitality industry. The main attraction in Cape Town is its
tourism market which was probably one of the hardest-hit Tygerberg area makes the largest Gross Value Added (GVA)
Total Population sectors during the COVID-19 pandemic and the associated contribution to the total retail sector in the City of Cape
Growth travel restrictions. After the gradual opening of the national Town, with the Tyger Valley Centre rated as the most popular
1.99% PER ANNUM economy, Cape Town’s economy experienced improvements, retail centres in this area. Some of the most significant retail
primarily due to the hospitality and tourism industries. This centers in Cape Town include the V&A Waterfront, Table Bay
sector is rebounding as it recorded its highest number of Mall, Canal Walk Shopping Center and Victoria Wharf. Prior
Population Density two-way passengers at the domestic terminal in February to the COVID-19 pandemic, the GVA of the retail sector in the
1 962 PEOPLE 2022, with a recovery rate of 75% compared to February 2019. City of Cape Town experienced an average annual growth
PER KM²
rate of 0.8% between 2015 and 2019.
Cape Town has one of the most expensive residential
property markets, valued at US $82 billion in June 2021. The One of the major developments currently underway in Cape
office sector has about 2.9 million square meters of stock Town is The Rubik which includes a mix of residential, office
Airports (Including mainly located in the CBD, Bellville, Waterfront and Century and retail space. This development is located only 15 minutes
Cape Town City. The vacancy rate for office stock remains high since the from Table mountain, 8 minutes from the V&A Waterfront,
International Airport onset of the pandemic due to the general muted economic and 2 minutes from some of the hot-spot restaurant areas.
(19.5km) performance.
Time Zone
UTC +02:00 BASICS

(all relevant nodes) Century City, Cape Town CBD, Waterfront, Bellville
(all relevant nodes) Epping, Airport City, Brackenfell and Richmond
Submarkets- Nodes (top retail stock) Key shopping centres, V&A Waterfront shopping centre, Canal Walk,
Rental Rates Office Stock (range) (monthly nett-rent in USD per sq. m) $10 - $13 (all relevant nodes) Somerset shopping centre, Cavendish
Rental Rates Industrial Stock (range) (monthly nett-rent in USD per sq. m) $4 to $5 Currency Unit (in which rents are quoted) Rand
Vacancy Office Stock (%) >13% Rent Payable (frequency) Monthly

City Introduction: Durban City Specific Property Market:

Durban
Area Durban is a port city in KwaZulu Natal Province located on Quality office stock and activity in the office sector are
2 292 KM² the eastern shoreline of South Africa on the Indian Ocean. mainly concentrated in Westville, La Lucia Ridge, Ballito
The city has a large commercial port that facilitates the and Umhlanga. Most of its large industrial activity is located
greatest volume of sea going traffic in Southern Africa with near its port around the CBD, in the North as well as towards
the importation of bulk raw materials, goods and industrial the west in Cato Manor and Pinetown, mostly strategically
Total Population equipment, as well as the exportation of minerals, coal, sugar located to transport routes towards Gauteng. A few
3.7 MILLION (2021) and grain. of the major industries in Durban are jewellery
manufacturing, the production of high-quality non-metallic
Key developments in Durban are towards the North, with minerals products, and shipbuilding and repair at the Durban
the area of Balito attracting the majority of tourism and harbour.
feeding off the recent relocation of the King Shaka
Total Population International airport. Durban is a popular beach In July 2021, the city experienced its worst crisis in the
Growth destination and due to its warm tropical weather all year form of unrest, which saw citizens looting retail and
0.6% PER ANNUM round, it is a popular tourist destination throughout the year. distribution centres. The commercial property suffered
significant losses during this time, resulting in 45 000
The Dube Trade Port Special Economic Zone SEZ is a businesses being destroyed and/or damaged via fires,
Population Density commercial and industrial precinct which offers burglaries, and/or thefts and with estimated retail
1 614 PEOPLE logistics and manufacturing infrastructure supporting damages worth approximately $980 million. Initiatives to re
PER KM² various activities. Some investment opportunities lie in build businesses in KwaZulu Natal have been led by
manufacturing, healthcare, the automotive industry, the Durban Chamber of Commerce and Industry,
clothing and textiles and agriculture. The SEZ provides fully Department of Economic Development, Tourism and
services sites with zoning approval, incentives for qualifying Environmental Affairs, as well as various parties from
enterprises, uninterrupted power supply, 24-hour security the private sector despite the impact on various
Airports (Including
distance in km from CBD) and easy access between major roads such as the N2. economic sectors. In 2022, the city suffered another
King Shaka setback due to severe flood damages which destroyed about
International Airport Durban’s office sector followed a similar trajectory to most US$1.6 billion of property and over 440 deaths in April 2022.
(33,7km)
other large cities during the COVID-19 pandemic and the
associated restrictions on movement and regulations.
Time Zone
UTC +02:00 BASICS

(all relevant nodes) Umhlanga
Submarkets- Nodes (top industrial stock) Riverhorse Valley, Prospeton, Springfield, Cato Manor, Dube
RENTAL RATES AND VACANCIES (all relevant nodes) Tradeport
Rental Rates Office Stock (range) (monthly nett-rent in USD per sq. m) $8 - $10 (all relevant nodes) Key shopping centres, Gateway, Ballito, Pavilion
Rental Rates Industrial Stock (range) (monthly nett-rent in USD per sq. m) $4 To $6 Currency Unit (in which rents are quoted) Rand
Vacancy Office Stock (%) >16% Rent Payable (frequency) Monthly

Pan Africa Pan Africa
Feature: Pan Africa Data Centres Feature: Pan Africa Data Centres
Data centres are facilities housing servers that store, process In the last decade, the East African region experienced
NIGERIA
and disseminate virtual data. Africa is highly undersupplied notable growth in terms of broadband userbase and therefore
in terms of the available capacity and is experiencing has driven the demand for the development of data centres
increasing demand for cloud services. There is also the need which would in turn reduce latency and operational costs of
to bring African data back to the continent by storing data in internet service providers and users. Looking at the internet
facilities within specific African countries. Data usage across penetration rate of some of the east African countries Tanzania
Africa has increased tremendously, through the adoption experienced an increase of 37% between 2001 and 2021 while
of smart phones and increased exposure to the internet. Kenya experienced an 85% increase, and Ethiopia an increase
Because of this, data centres have become major investment of more than 17% during the same period.
projects to supply the rapid increase in demand. In 2021, the
Africa data centre market experienced a total investment of
$2.6 billion. Investment into the data centre sector across However, the continent also holds great potential for the With key infrastructure development
Africa has increased significantly over the past few years development of data centres. There has been a huge influx projects in this region such as the expansion
and is expected to exceed $3 billion by 2025 and $5.4 billion of capital across the continent, investing in both data centre of optic fibre connectivity and green energy
by 2027. According to the Africa Data Centres Association development and infrastructure projects that will support new solutions, the establishment of data centre
and Xalam Analytics, in order to meet the increased demand data centres. Some big players in the industry are investing and service provisions becomes easier.
for data centres in Africa, the continent needs about 700 a large amount of capital in the space, speeding up the
facilities across the continent. adoption of digital economies across the continent. Several Globally, the majority of data centre facilities are owned by
countries are developing SEZs (Special Economic Zones), the operator, however there is also potential for joint ventures
industrial parks, free trade zones or high-tech parks for the across Africa, due to the restrictions of foreign ownership in
establishment of data centres. For example, Eko Atlantic City As the largest population in Africa, Nigeria is one of the
some African countries. The most notable investments into
in Lagos is an SEZ and is home to 10 data halls launched key target markets for data centre operators. The country
African data centre platforms include;
by Africa Data Centres. Kenya is aiming to develop SEZs in experienced significant economic growth with projections
several cities such as Mombasa and Kisumu with the objective • In South Africa, Attacq Limited REIT is working in indicating even further growth for the next year. The real
of attracting investment dedicated towards data centres. collaboration with Vantage Data Centres for the estate sector recorded exponential growth which increased
One of the major benefits of developing data centres within development of a data centre campus based in South attraction of foreign direct investment. In 2019, approximately
these SEZs or industrial parks is the associated tax benefits Africa. 90% of Nigeria’s data were hosted in data centres abroad.
or tax exemptions. Industrial parks and properties can enjoy • Digital Realty has invested in Medallion and Teraco to With Nigeria’s strategic location in Africa, it is set to become
the benefits of the increasing demand for data centres as add to their existing investment into IColo making them a data centre hub, serving underserved markets in Africa.
they can improve occupancy levels particularly in industrial the largest pan African operator The country experienced rapid increase in e-commerce
areas with high availability of power. • Equinix acquired the Nigerian operator MainOne and internet technology which only improve the country’s
• A large number of global operators are currently prospects for the development and success of data centres.
Data centres have very specific requirements with regards building or acquiring sites in South Africa to satisfy the It is also one of the countries with the fastest growing data
to ideal locations for development. Most notably is the huge increase in demand. centre market in Africa. The compound annual growth rate
availability of power and access to fibre connections. for Nigeria’s data centre market is projected at 17% for the
South Africa, Nigeria and Kenya are countries in Africa that period between 2021 and 2026. Many industries are adopting
Depending on the use case of a data centre, proximity to the
have seen the largest share of investments in the data centre new technologies such as cloud and big data, and this also
end user is also important due to latency issues. Africa faces a
market. plays a significant role in the market’s current growth and
number of issues when it comes to data centre development
and that is the restrictions in infrastructure across the future prospects. Lagos is the country’s main data centre hub
continent. There are common issues with reliable power and is home to the largest share of data centres in Nigeria.
supplies, restrictions with fibre provisions and a lack of a data What makes this city a highly attractive location for data
centre specific labour pool. centre investment is the access to numerous sub sea cables,
low labour and land costs together with the increased
adoption of advanced technology by various sectors.
92. 93.
Pan Africa Pan Africa
Feature: Pan Africa Data Centres Feature: Pan Africa Data Centres
A number of projects are currently running and is set for Data Centres offer a diverse investment option, with huge
SOUTH AFRICA
completion in 2022. The country’s data centre market is growth potential and secure long term income opportunities.
expected to see a compound annual growth rate of 15% and is It is the only asset class that has grown exponentially during
South Africa has become the data centre hub of Africa
set to witness investments valued at $3 071 million by 2026. the COVID-19 pandemic, and the growth forecasts continue
attracting increasingly more investment, especially over
Data Centres are becoming increasingly more attractive real at a steep rate. As mentioned, South Africa, Nigeria and
the past few years. With a large population, the 3rd largest
estate as these centres form part of most of everyday life. Kenya being the most focussed markets currently, there is
economy, and reliable infrastructure, there is a huge influx of
As the demand for data centres are growing, so does the also a huge demand for countries including Ghana, Egypt,
data centre activity within the region. In 2021, South Africa
demand for data centre space and special purpose properties Ivory Coast and Senegal. With a population forecast of
accounted for more than 50% of investments in the Africa
and in turn, stimulates economic growth and creates job 2.5 billion people in Africa by 2050 and the wide ranging
data centre market. Putting this in perspective, the country’s
opportunities in especially Johannesburg, Midrand, Cape digitalisation of economies, the need for data centres will
capacity is approximately four times more compared to the
Town and Durban. grow exponentially, especially when cloud providers gain
available capacity provided on the rest of the continent.
exposure to the wider market.
It is it expected that South Africa will attract most data
KENYA
centre investment in Africa for the next few years. The digital
economy is estimated to contributing more than 6% of South Kenya is the key data centre hub in the eastern region of
Africa’s economy. The COVID-19 pandemic accelerated Africa. With a young population and huge adoption of
digital transformation in South Africa. By the end of 2020, internet applications via smart phones, there is a huge
retail colocation accounted for more than 80% of the data demand for data centres within the main hub of Nairobi.
centre market share. There have been a number of investments into new data
centres, and with a reliable source of grid power, there are
a number of international data centre operators looking to
Nigeria has 11 data centres, ten of which are located in Lagos develop data centres. The most notable development is
and one facility in Abuja. Four of the 11 data centres have IXAfrica, who are developing an 18MW facility, and who
been established since December 2021. The rapid growth have recently announced a deal with the London Internet
prospects of the data centre market leaves room for new Exchange (LINX) which in itself will attract more interest in
players to enter the Nigerian market. According to Bloomberg, the near future. Safaricom are also in the process of a major
the value of investment in Nigeria’s data centre market is self-build, and Africa Data Centres are also developing a
projected to reach $218 million by 2026. facility. However, with the upcoming election in August, there
has been a slight reduction in activity, awaiting the outcome.
One key issue for Nigeria is the lack of reliable grid power,
with many facilities having to run predominantly on generator
power. There are a number of renewable energy projects and
the country has experienced a notable uptick in adoption of
renewable power, with projections estimating that by 2025,
10% of all energy generated will be from renewable energy
sources. Nigeria is opting to increase reliance on renewable
energy which also bodes well for the data centre market and
investments.
The public cloud market is expected to generate revenue to Data centre facilities are mainly located in Johannesburg,
the value of $1.5 billion by 2026. The rising digital economy Cape Town and Durban with Johannesburg deemed a prime
in Nigeria drives the demand for data centres and the need investment place for data centres mainly due to its strategic
for data centres to be closer to home. This provides great location in terms of IT ecosystem and extensive fibre
investment potential in especially cities such as Lagos. connectivity.
94. 95.
Africa Report 2022
Tanzania
35.750841 Overview
-6.165007
Tanzanian is one of the East African fastest-growing adopting a new Investment Policy, incorporating legislation
economies, with a thriving tourism sector due to its scenic for promoting investment and introducing changes to the tax
beaches and warm climate. The largest share of and labour regulations. The government of Tanzania has also
Tanzania’s economy comprises agricultural activities, prioritised the development of the necessary infrastructure
especially cultivated lands or crops which employs for efficient operations of the Special Economic Zones (SEZ)
the largest share of the labour force. and Export Processing Zones (Export Processing Zones).
The economy managed to sustain growth over the Another challenge in Tanzania lies within the power
past two decades and in 2020 was upgraded from a sector which experiences operational difficulties and
low-income country to a middle lower-middle country. The inefficiency, which poses risks for potential investments. The
economy is expected to grow by 5,4% in 2022 and 5,9% by investment in the Julius Nyerere Hydropower project is
2023 mainly driven by the reopening of the tourism sector aimed at alleviating pressure on the existing power supply.
and trade corridors following the COVID-19 restrictions and The main dam will store water which will be used for
travel bans. generating hydro-power. A switchyard is also currently under
Capital Official construction where the electricity generated at the plant is
DODOMA Language The real estate sector contributes $1.6 billion to the GDP connected to the national grid.
SWAHILI amounting to approximately 3.1% and has experienced
an upward trend since 2015. With the country’s rapid Through the Tanzania Five-Year Development Plan (FYDP),
population growth, demand for residential properties far the government has prioritised the growth of the industrial
exceeds the supply, and with the existing urbanisation economy. One of the key focus areas is the Special Economic
trends, there is a growing demand for residential properties,Zones (SEZ) and Export Processing Zones (EPZ), aimed at
Currency particularly in the major cities. attracting investment in the industrial area. The $10 billion
TANZANIAN Land Area 2 Bagamoyo SEZ is set to become one of the largest ports in
SHILLING 945 087 KM Despite its growth prospects, Tanzania’s economy is the East African region and will establish Tanzania as a hub
(TZS) riddled with a number of challenges. It is currently ranked for regional trade. Not only will it promote exports but will
141 out of 190 countries on the Ease of Doing Business also attract local investment and FDI.
Index, an indication of the hesitant enthusiasm of
investors. The biggest challenges remain tax administration, About $4.1 billion FDI was recorded for 2021 which is up
opening and closing businesses and trading across borders. by more than 300% from $1.0 billion in 2020. FDI growth is
However, the government has identified the need for mainly driven by the mining sector, the oil and gas industry
improving the business climate and is committed to and agricultural produce.
RATINGS AND INDICES

59.73 million 2021
96. 97.
Tanzania Africa Report 2022
City Introduction: Dar es Salaam City Specific Property Market:

Dar es Salaam
Area
1 590 KM² Dar es Salaam is a port city and the
industrial hub of Tanzania with large scale
operations at the city’s port ehich accounts
for approximately 95% of the country’s
Total Population international trade. This small island is a
7 MILLION (2021) prominent tourism location, attracting over
1.5 million tourists annually and generating
over 2,6 billion in revenues.
Total Population
Dar es Salaam remains the country’s commercial centre
Growth
5.2% PER ANNUM and economic hub. The key commercial nodes in the city
include the CBD area, Masaki, Oysterbay and Kinondoni. The
office sector is however experiencing challenges with rising
Population Density vacancy rates as office supply exceeds the demand due to
3 100 PEOPLE firms opting for smaller office space. This is worsened by the
PER KM² major decentralisation trend over the past few years as
business increasingly moves offices to decentralised nodes
outside the city centre.
The retail sector is dominated by some major malls in the city

Airports (Including
distance in km from CBD) including Mlimani City Mall, Aura Mall, Peninsula Plaza and
Julius Nyerere International Mkuki Mall. Dar es Salaam has a rather high population
Airport density and generally a high urban sprawl compared to other
(12km)
key cities on the continent. This has led to a high demand for
retail facilities.
Time Zone
EAT BASICS

(all relevant nodes) Masaki
(all relevant nodes) Kurasini
Submarkets- Nodes (top retail stock) Ubungo (Mlimani City)
Rental Rates Office Stock (range) (monthly nett-rent in USD per sq. m) $12 – $18 (all relevant nodes)
Rental Rates Industrial Stock (range) (monthly nett-rent in USD per sq. m) $4 – $6 Currency Unit (in which rents are quoted) USD or Tsh
Rental Rates Retail (range) (monthly nett-rent in USD per sq. m) $14 (Average A / B Grade mall) Area Measurement Unit (m² or ft²) m²
Vacancy Office Stock (%) 45% Rent Payable (frequency) Quarterly to Annual
Vacancy Retail Stock (%) 40% (sq. m/sq. ft per worker) Unknown
98. 99.
Tanzania Africa Report 2022
City Introduction: Dodoma City Specific Property Market:

Dodoma
Area Dodoma the capital city of Tanzania, was officially transferred

2 576 KM² from Dar Es Salaam in 1974. The notion behind transferring
capital-city status was due to Dodoma’s central location
from where important social and economic developments
take place and this has seen Dodoma experiencing rapid
Total Population urbanisation and migration, leading to increased urban
2.4 MILLION (2021) built areas. With the rapid urbanisation, the city has seen
outward growth and densified through vertical
developments. Dodoma is linked by air, rail and road. Dodoma
airport is managed by Tanzania Civil Aviation Authority. The
Total Population main railway provides linkages between Dodoma and Dar es
Growth Salaam.
2.3% PER ANNUM
Tanzania, together with the African Development Bank has
launched the construction of the Dodoma City Outer Ring
Population Density Road in February 2022. The project is largely funded by
60 PEOPLE African Developments and forms part of the Trans-African
PER KM²
Highway Corridor between Cape Town and Cairo. This road
will provide new opportunities and open up new markets as
it improves local and regional access. This infrastructure
project is set to hold economic growth for several
Airports (Including sectors such as improving Dodoma’s position as a tourist
Dodoma Airport destination, increasing the value of properties located in close
(2km) proximity to the outer ring road and also catalysing the growth
of the transport sector as it will improve the transport of
agricultural produce and other goods.
Time Zone
EAT BASICS

(all relevant nodes) Unknown
Submarkets- Nodes (top retail stock) Ndjengwa (Shoppers Plaza area)
Rental Rates Office Stock (range) (monthly nett-rent in USD per sq. m) $10 – $14 (all relevant nodes)
Rental Rates Industrial Stock (range) (monthly nett-rent in USD per sq. m) $4 Currency Unit (in which rents are quoted) USD or Tsh
Rental Rates Retail (range) (monthly nett-rent in USD per sq. m) $10 – $12 Area Measurement Unit (m² or ft²) m²
Vacancy Office Stock (%) 10% Rent Payable (frequency) Quarterly to Annual
Vacancy Retail Stock (%) 5.0% (sq. m/sq. ft per worker) Unknown
100. 101.
Africa Report 2022
Uganda
32.524922 Overview
0.363462
Uganda is an East African country rich in natural Uganda has about 1.4 billion barrels of recoverable oil. The
resources. The country has one of the fastest-growing Albertine Graben Refinery Consortium won a bid to the value
populations in the world, with a 3.0% growth rate in 2021 of $3.5 billion in 2018 with the scope to develop and operate
compared to the world’s 0.9%. Uganda has a GDP of $40.4 a refinery for the production of petroleum products.
billion as recorded in 2021 experiencing a 3.8% growth from
the previous year. The main economic sectors of Uganda are About 28% of Uganda’s population has access to
the services sector which contributes 51% to the GDP and electricity, providing potential opportunities for
comprises of trade and repairs, education, real estate, and infrastructure and energy development. Further, the country
finance and insurance. Agriculture forestry and fishing is also faced with a housing shortage of 8 million units.
contribute about 27% to the economic output and lastly the
industrial sector with 22% contribution. FDI experienced a decrease of 18.6% from $1.4 billion in
2018/19 to $1.2 billion in 2019/20. Estimations predict that FDI
The GDP is expected to increase by experienced some recovery in 2020/2021 and increased by
4.9%. Construction and manufacturing are the main sectors
3.7% in 2022, 5.5% in 2023, and 5.7% in 2024,
Capital Official attracting FDI in the country.
Language mainly driven by the services sector and
KAMPALA the recovery of the hospitality industry. A notable investment project in the country is the
SWAHILI
Kampala-Jinja Expressway Project, approved by the African
Uganda’s investment environment presents great Development Bank with construction expected to take off in
opportunities but also faces challenges or potential 2022. The project is aimed at alleviating traffic congestion,
limitations. Some of these include limited reducing accidents, and improving mobility on existing roads.
Currency infrastructure and connectivity, especially in rural areas. The It will also facilitate the transportation of goods and support
UGANDAN Land Area government has dedicate funds for infrastructure economic growth.
2
SHILLING 241 037 KM development, particularly in areas outside of the major
urban areas yet the rail systems remain in a poor state
while limited access to electricity persists. Despite these
challenges or limitations, the country has comparative
advantages with natural resources and agricultural
products which are increasingly attracting foreign investors.
The main opportunities are within the oil and gas sector,
power / electricity, agriculture, and construction.
RATINGS AND INDICES

Peace Index (2021) 114/163
44.2 million 2020
102. 103.
Uganda Africa Report 2022
City Introduction: Kampala City Specific Property Market:

Kampala
Area Kampala is the economic hub of Uganda and became the Nalukolongo Industrial Area.
189 KM² Capital city after it gained independence in 1962. The
Capital is home to roughly 1.7 million residents and accounts The average rental rates for retail properties range between
for approximately 4% of the country’s total population. $12 and $20 per square meter per month. Retail properties
used to be concentrated in areas such as Naalya, Lubowa,
Total Population The main factors driving the property market in Kampala are and Entebbe, however in 2021 an increasing spill-over is
1.7 MILLION (2021) the lack of sufficient housing, infrastructure developments evident in Wakiso and Mukono districts. Some of the major
especially roads in key suburbs, and government initiatives malls in Kampala include Freedom City Mall, The Acacia Mall,
such as enacting the condominium titling system facilitating Victoria Mall, and Forest Mall Lugogo. The city is expecting
sales of property. the development of new retail centres or the expansion of
Total Population existing retail centres to cater to the population growth.
Growth Kampala’s office market has seen an oversupply of offices
5.2% PER ANNUM as a result of the work-from-home approach adopted by a
number of global corporates with the onset of the COVID-19
pandemic. Lack of telecommunications infrastructure at
Population Density employee homes, however, forced employees to return to
8 995 PEOPLE work from offices. The average rental office rates range
PER KM²
between $15 and $17 per sqm per month. The main office
nodes include Nakasero and Kololo. Approximately
200 000m² of additional office floor space can be expected
between 2022-2024.
Airports (Including
Entebbe International The average rental rate for industrial space in Kampala
Airport ranges between $3.5 and $6 depending on the location, the
(40km) refurbishment, building age and condition, etc. The main
industrial nodes are Namanve, Luzria, Nakawa and
Time Zone
EAT BASICS

(all relevant nodes) Nakasero and Kololo
(all relevant nodes) Namanve, Luzria, Nakawa and Nalukolongo Industrial Area
Submarkets- Nodes (top retail stock) Wakiso district, Naalya, Lubowa and Entebbe
Rental Rates Office Stock (range) (monthly nett-rent in USD per sq. m) $12 - $17 (all relevant nodes)
Rental Rates Industrial Stock (range) (monthly nett-rent in USD per sq. m) $3.5 - $6 Currency Unit (in which rents are quoted) USD
Vacancy Retail Stock (%) 13.5% (sq. m/sq. ft per worker) Unknown
104. 105.
Africa Report 2022
Zambia
28.324955 Overview
-15.379872
Zambia is the second-largest copper producer on the The country is faced with several challenges some of which
African continent following the Democratic Republic of include inconsistent government policies and low labour
Congo (DRC). Copper accounts for almost 75% of all export productivity. The economy is also highly vulnerable to
earnings in the country. external shocks, especially copper prices and weather
patterns affecting agricultural produce, however the
Key sectors in this southern African country are the government is aiming to diversify its economy to improve its
service, industrial and agricultural sectors, contributing 53%, resilience.
40% and 3.0% respectively to the GDP. Agriculture plays a
prominent role in terms of employment as the sector FDI inflow to Zambia declined by more than 55% from
employs almost 50% of the country’s working population, $548 million in 2019 to $234 million in 2020, mainly
albeit contributing the least to the national production attributed to the onset of the global pandemic. FDI inflows are
and holds great potential as it is largely unexploited with concentrated in the mining industry and infrastructure-
only 15% of arable land currently being used for agricultural related projects, one of which is the Zambia Road
activities. The industrial sector accounts for 10% of Infrastructure Rehabilitation Programme. The latter
Official employment, driven mainly by the mining, construction, and programme is aimed at rehabilitating and upgrading
Capital Language manufacturing industries and the services sector employs eight roads within Zambia: facilitating and opening trade
LUSAKA ENGLISH almost 40% of the working population. corridors as three of these roads form part of the
Trans-African Highway routes. The roads currently being
In 2020, Zambia recorded negative GDP growth of 2.8% prioritised for this project include:
mainly attributed to declining copper prices, the COVID-19
pandemic, and the impact of drought on the agricultural • Senanga–Sesheke: providing regional linkages between
sector. In 2021, the GDP increased by 1.0% and was mainly various areas and the copper-producing region,
Currency Land Area 2 driven by increasing copper prices, the commissioning of the Kabombo–Chavuma road which facilitates traffic from
Kafue Gorge Lower hydroelectric plant, and the re-opening Zambia to the border of Angola.
KWACHA 752 617 KM of many economic sectors after lockdown restrictions. The • Kalulushi–Lufwanyama road: provides linkages from the
GDP is expected to grow by 2.9% in 2022 and 4.5% by 2023. Copperbelt to the north western areas of the country.
• Chipata–Lundazi: providing linkages between Mtwara and
Tourism is another key sector in Zambia, particularly in the Nacala Development Corridors.
South with the main attraction being the Victoria Falls which • Mumbwa–Landless Corner: a bypass route to facilitate
boarders Zimbambwe. This tourist node is responsible for traffic around Lusaka and is aimed at alleviating traffic in
around 1 million annual tourists and is regarded as one of the the City.
biggest and inspiring waterfalls in the world.
RATINGS AND INDICES

18.83 million 2020
Urban Population: 44.62% GDP per Capita (USD): 985.1
106. 107.
Zambia Africa Report 2022
City Introduction: Lusaka City Specific Property Market:

Lusaka
Area In the industrial sector, the main industrial node in Lusaka is

360 KM² Lusaka is a very established Capital the West Industrial Area.
city as well as the administrative, financial,
and business hub of the country. The city Some of the major malls in Lusaka include the East Park
is home to several institutions such as the Mall, Levy Junction Shopping Mall, and Centro Shopping
Total Population Zambian National Assembly Building, the Mall while the main retail nodes remain in the CBD. There are
2.5 MILLION (2021) Kenneth Kaunda International Airport, no other major planned developments in the retail sector,
the Mulungushi International Conference mainly due to limited demographics. However with the
Center, and the University of Zambia. population growth of 4.7%, Lusaka may possess many retail
opportunities to cater for future growth.
Total Population
The COVID-19 pandemic affected the property sector as
Growth
4.7% PER ANNUM various property industries endured delayed rental
payments, increased vacancies, and changes in prices.
The city is home to a number of South African prominent
Population Density businesses, inlcusing MTN, Shoprite, Liberty, Nandos and
6 900 PEOPLE Debbonairs.
PER KM²
Prior to the global pandemic, rapid growth in the Central
Business District (CBD) resulted in a number of corporate
offices relocating to other decongested areas. One major
trend noticed during this period was the conversion of homes
Airports (Including
distance in km from CBD) into office space to cater for the demand. With the onset of
Kenneth Kaunda the global pandemic, rentals pricing experienced a decline
International Airport due to an oversupply in the market as well as limited office
(27km)
take-up. The main office nodes in the city include Mass
Media Roma and Kalundu.
Time Zone
CAT BASICS

(all relevant nodes) Mass Media Roma, Kalundu
(all relevant nodes) West Industrial Area
Submarkets- Nodes (top retail stock) CBD
Rental Rates Industrial Stock (range) (monthly nett-rent in USD per sq. m) $3 - $6 Currency Unit (in which rents are quoted) ZMW or USD
Vacancy Retail Stock (%) 12.6% (sq. m/sq. ft per worker) 22m²
108. 109.
Zambia Africa Report 2022
City Introduction: Ndola and Kitwe City Specific Property Market:

Ndola and Kitwe
Area
NDOLA - 965 KM²
KITWE - 808 KM² INDUSTRY OVERVIEW AND PROPERTY TRENDS
Ndola is the third most populated city in Zambia. The city

is a mining town and an industrial centre of the region.
Total Population (2021) Ndola has a diverse economy which includes food processing,
NDOLA - 556 000 cement manufacturing, oil refinery, agriculture, quarrying,
KITWE - 709 854 construction, and consumer services. The city hosts the
annual International Trade Fair, a platform for traders to
showcase their merchandise. The CBD is the main office
Total Population Growth and retail node while Industrial South serves as the main
NDOLA - 2.58% PER ANNUM industrial node.
KITWE - 3.49% PER ANNUM
Kitwe is the second most populated city
in the country with a population of 556 000
Population Density as recorded for 2021. The city is also well-
NDOLA - 576 PEOPLE developed in terms of infrastructure and is
PER KM² also recognised as an important commercial
KITWE - 879 PEOPLE and industrial hub.
PER KM²
The average rental rate for offices ranges between $16 and
Airports (Including $20, while rental rates for the industrial stock range between
distance in km from CBD) $4 and $6, and the average for retail space ranges between
NDOLA - Simon Mwansa $8 and $15. The main office node in Kitwe is the CBD area,
Kapwepwe International
Airport (15km) whereas the main industrial node for industrial facilities
includes the areas East of the CBD and where mines are
KITWE - Southdowns Airport
(9km) located. The major retail nodes are North of the city’s CBD.
Time Zone
CAT BASICS NDOLA KITWE

(all relevant nodes) CBD CBD
(all relevant nodes) Industrial South East of CBD and Mines
RENTAL RATES AND VACANCIES NDOLA KITWE
Submarkets- Nodes (top retail stock) CBD North of CBD
Rental Rates Office Stock (range) (monthly nett-rent in USD per sq. m) $16 - $20 $16 - $20 (all relevant nodes)
Rental Rates Industrial Stock (range) (monthly nett-rent in USD per sq. m) $4 - $6 $4 - $6 Currency Unit (in which rents are quoted) ZMW or USD ZMW or USD
Rental Rates Retail (range) (monthly nett-rent in USD per sq. m) $8 - $15 $8 - $15 Area Measurement Unit (m² or ft²) m² m²
Vacancy Office Stock (%) Unknown Unknown Rent Payable (frequency) Monthly Monthly
Vacancy Industrial Stock (%) Unknown Unknown
Vacancy Retail Stock (%) Unknown Unknown (sq. m/sq. ft per worker) 22m² 22m²
110. 111.
Africa Report 2022
Zimbabwe
31.046877 Overview
-17.819546
Zimbabwe is strategically located with great potential of investments as well as the lack of a stable currency makes
becoming a logistical hub in the Southern African region. long-term investment decisions very difficult.
The country has an abundance of natural resources such as
diamond, gold, coal, iron ore, lithium, nickel, and copper. The The dual currency usage might provide some stability
agricultural sector, mainly driven by tobacco production, however the inconsistency in policy direction stifles the
contributes 7.6% of the national GDP while employing the investment climate. Recently the government introduced
largest share of the labour force amounting to 66%. This Gold coins (July 2022) to be used as a trading instrument,
sector is also set to lead the way to recovery after the however, they are only affordable to the wealthy and do not
COVID-19 pandemic. The industrial sector is mainly driven address the needs of the massive population.
by diamond and gold mining and accounts for 35% of the
GDP. The services sector contributes almost 50% of the GDP FDI inflows have been on a downward trajectory, due to
and is heavily dependent on tourism, particularly in the southdecreasing investor confidence resulting from political
with the main tourist destination being the Victoria Falls. instability and mismanagement. The main sectors which
saw some FDI include the mining sectors, infrastructure
Official Zimbabwe experienced economic decline for two developments, water and sanitation, and health care.
Capital Language decades due to the government’s approach to land grabs in
HARARE ENGLISH early 2000, as such the economy suffered from a number of Zimbabwe has several major infrastructural projects
sanctions. The economy is projected to grow by 4.3% in currently underway. One of the major projects including the
2022 and 4.2% in 2023 mainly, driven by the recovery of the Matabeleland Zambezi Water Project is the construction
agricultural sector and increased gold mining activities. of a dam and the implementation of pipes for transporting
water. The project is aimed at alleviating persistent drought,
However, Zimbabwe still has various challenges that may especially in Bulawayo by providing water from the Zambezi
Currency Land Area restrict investment including uncertainty of land tenure and River.
ZIMBABWEAN 390 757 KM
2
the complex regulatory environment for businesses among
DOLLAR others. Agricultural investment is threatened by increased
risks of resettled or expropriated farms through the land
reform programme. While the complex regulations present
difficulties in terms of business registration and operations
in Zimbabwe.
The hyperinflation environment which continues to rise

and impact on the devalued currency continues to halt
RATINGS AND INDICES

Peace Index (2021) 133/163
14.86 million 2020
112. 113.
Zimbabwe Africa Report 2022
City Introduction: Harare City Specific Property Market:

Harare
Area Harare is the Capital as well as the most populous urban The major industrial nodes currently in Harare are
960.6 KM² centre of Zimbabwe. Significant efforts are made with Msasa, CBD, and Willowvale. Over the years, this sector
regard to economic recovery plans and the strengthening of experienced some challenges relating to power outages, a lack
Harare’s economy. The city’s property market experienced of property water supply, and deteriorating infrastructure.
several challenges over the past few years, however, certain
Total Population property sub-sectors remained stable. The retail sector remained fairly resilient against the impact
1.5 MILLION (2021) of the COVID-19 pandemic and the imposed restrictions. The
The office sector has a high vacancy rate leaving landlords demand for new retail has been stable however, retailers
with lower rental returns. New trends resulted in which experienced some decline in consumer spending as
vacant office buildings are being re-purposed for other uses consumers are continually faced with lower disposable
Total Population and mainly converted into churches and residential units. income. Several retail developments took place within the
Growth The main office nodes in Harare include the CBD area and last few years some of which include the BJ Southgate Mall,
0.8% PER ANNUM Borrowdale. Harare is also the headquarters of some of the Metro Peach Wholesalers, and a large Pick ‘n Pay centre
major corporates including, the UNESCO regional offices in Aspindale. The prominent retail nodes in Harare include
for Southern Africa, Quadfin financial services, and Alliance Westgate, CBD, Avondale, and Borrowdale.
Population Density Health Insurance, amongst others. The average rent for
1 600 PEOPLE offices in Harare range between $6 and $11. The head offices
PER KM²
of the National Merchant Bank (NMB) was completed in 2019
providing an additional 3 900 square meters of prime office
space.
Airports (Including Warehousing and logistics form the backbone of the

Robert Gabriel Mugabe industrial sector and have remained strong throughout the
International Airport challenging decades. The rental rates for industrial spaces
(13,8km) experienced a slight increase and currently range between
$4 and $7 depending on size, location and main use.
Time Zone
CAT BASICS

(all relevant nodes) CBD, Borrowdale
(all relevant nodes) Msasa, CBD and Willowvale
Submarkets- Nodes (top retail stock) Westgate, CBD, Avondale and Borrowdale
Rental Rates Industrial Stock (range) (monthly nett-rent in USD per sq. m) $3 - $7 Currency Unit (in which rents are quoted) USD
Rental Rates Retail (range) (monthly nett-rent in USD per sq. m) $9 - $20 (50 to 100sqm) Area Measurement Unit (m² or ft²) m²
Vacancy Office Stock (%) 30% - 60% Rent Payable (frequency) Monthly (advance)
Vacancy Retail Stock (%) Unknown (sq. m/sq. ft per worker) 10m² - 20m²
114. 115.
Reference List Reference List
World Data, 2022. World Data Info. [Online] Available at: World Economic Forum, 2019. The Global Competitiveness Report. [Online]
Capital Cities https://www.worlddata.info/capital-cities.php Available at: https://www3.weforum.org/docs/WEF_TheGlobalCompetitivenessReport
GENERAL [Accessed 05 03 2022]
Competitive Index 2019.pdf
INFORMATION [Accessed 09 03 2022].
World Bank, 2022. World Bank Indicators. [Online] Available at:
Land Area https://data.worldbank.org/indicator/AG.SRF.TOTL.K2 Statistics Times, 2021. Global Peace Index. [Online]
Peace Index Available at: https://statisticstimes.com/ranking/global-peace-index.php
[Accessed 16 03 2022].
GPS Google Earth Urban-Econ Quality of The World Bank, 2017. Quality of overall infrastructure. [Online]
COORDINATES Infrastructure
Available at: https://tcdata360.worldbank.org/indicators/h2cf9f9f8?country=BRA&indica-
tor=536&viz=line_chart&years=2007,2017
Ranking [Accessed 16 03 2022].
Population World Bank, Total population. World Bank Indicators. [Online]
number Available at: https://data.worldbank.org/indicator/SP.POP.TOTL
The Global Economy, 2020. Political Stability - Country Rankings. [Online]
[Accessed 02 03 2022].
INDICES Political Stability Available at: https://www.theglobaleconomy.com/rankings/wb_political_stability/
World Bank, 2022. World Bank Indicators. [Online]
Urban population Available at: https://data.worldbank.org/indicator/SP.URB.TOTL.IN.ZS
[Accessed 16 03 2022]. World Population Review, 2022. Wealth Inequality by Country. [Online]
POPULATION World Bank, 2022. World Bank Indicators. [Online] Inequality Index Available at: https://worldpopulationreview.com/country-rankings/wealth-inequali-
ty-by-country
Population growth Available at: https://data.worldbank.org/indicator/SP.POP.GROW [ [Accessed 01 07 2022].
Accessed 23 03 2022].
Population Pyramid, 2022. Population Pyramid sourcing data from the United Nations. Trading Economics, 2019. Ease of Doing Business. [Online]
Youth population Ease of doing Available at: https://tradingeconomics.com/country-list/ease-of-doing-business?conti-
[Online] Available at: https://www.populationpyramid.net/
[Accessed 16 06 2022]. Business Index nent=africa
[Accessed 16 03 2022].
GDP (USD) (2020) Available at: https://data.worldbank.org/indicator/NY.GDP.MKTP.CD World Bank, 2020. Getting Electricity. [Online]
[Accessed 14 03 2022]. Ease of Getting Available at: https://subnational.doingbusiness.org/en/data/exploretopics/getting-elec-
Electricity Rank tricity/score
Projected GDP [Accessed 16 03 2022].
Monetary Fund, 2022. Monetary Fund data retrieved via Quantec Data. [Online]
growth (2022; [Accessed 05 04 2022].
2023)
World Bank, 2022. World Bank Indicator. [Online]
GDP Growth
Available at: https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG
(2020) [Accessed 01 04 2022].
World Bank, 2022. World Bank Indicator. [Online]
GDP Growth Available at: https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG
(2019) [Accessed 01 04 2022].
ECONOMY
GDP per Capita World Bank, 2022. World Bank Indicators. [Online]
(USD) Available at: https://data.worldbank.org/indicator/NY.GDP.PCAP.CD
[Accessed 01 04 2022].
GDP per Capita World Bank, 2022. World Bank Indicator. [Online]
Growth 2020 [Accessed 01 04 2022].
GDP per Capita World Bank, 2022. World Bank Indicator. [Online]
Growth 2019
[Accessed 01 04 2022].
Unemployment Available at: https://data.worldbank.org/indicator/SL.UEM.TOTL.ZS
Rate (2020) [Accessed 04 04 2022].
Note: A comprehensive range of primary and secondary sources were used to compile this report. All sources are available on request.
Disclaimer
Although every effort has been made to provide complete and accurate information, CBRE Excellerate, URBAN-ECON and the associates
of either of these parties makes no warranties, express or implied, or representations as to the accuracy of the information contained in this
report. The company, its subsidiaries, directors, employees and/or agents, assumes no liability or responsibility for any error or omissions
in the information contained in this report, nor shall the company, its subsidiaries, directors, employees and/or agents be liable for any loss
or damage of whatever nature (direct, indirect, consequential or other) resulting from, arising out of or in connection with the use of the
information contained in this report. The information contained in this report may not be reproduced without the prior written consent of the
company.
116. 117.
118. 119.
Contact Us
David Morris
CEO
CBRE Excellerate
ROA +44 7595 892392
SA +27 67 981 9833
david.morris@cbreexcellerate.com
Craig Hean
Managing Director
Advisory & Transaction Services
Mobile +27 82 444 9598
Office +27 11 911 8029
craig.hean@cbreexcellerate.com
Ndibu Motaung
Market intelligence
Advisory & Transaction Services
Mobile +27 82 518 1989
Office +27 11 911 8259
ndibu.motaung@cbreexcellerate.com

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The Winds of Change

Market Intelligence to Support

Reference List 116

Executive Summary Executive Summary

Executive Summary Executive Summary

A total of $16.8 billion in FDI stock was recorded in

RATINGS AND INDICES

City Introduction: Luanda City Specific Property Market:

Submarkets- Nodes (top office stock)

RATINGS AND INDICES

City Introduction: Gaborone City Specific Property Market:

Submarkets- Nodes (top office stock)

Côte d’Ivoire remains attractive to foreign investors. In 2020,

RATINGS AND INDICES

City Introduction: Abidjan City Specific Property Market:

The average rent for industrial space ranges between $5

Submarkets- Nodes (top office stock)

CAIRO Language opportunities for commercial activities and other

The country is faced with several challenges such as high

FDI contributed an estimated 1.2% to the national GDP but

RATINGS AND INDICES

City Introduction: Cairo City Specific Property Market:

Submarkets- Nodes (top office stock)

Feature: New Capital City Feature: New Capital City

Since the 1970s, Egypt has successfully established

Extensive planning and careful consideration has been

RATINGS AND INDICES

City Introduction: Addis Ababa City Specific Property Market:

Submarkets- Nodes (top office stock)

In 2021, the country attracted $829.2 million in foreign direct

RATINGS AND INDICES

City Introduction: Accra City Specific Property Market: Accra

Submarkets- Nodes (top office stock)

Capital Official Kenya recorded a GDP of $100 billion in 2021. The

NAIROBI Language country had one of the fastest-growing economies on the

SHILLING economy will recover by 2022/23 as GDP growth is projected

The COVID-19 pandemic also disrupted foreign direct

RATINGS AND INDICES

City Introduction: Nairobi City Specific Property Market:

Nairobi functions as the industrial hub of Kenya with

Submarkets- Nodes (top office stock)

Nairobi Express Highway Nairobi Express Highway

The project is driven by a public-private partnership in

The country experienced an increase in inflation rates from

RATINGS AND INDICES

City Introduction: Port Louis City Specific Property Market:

Submarkets- Nodes (top office stock)

City Introduction: Ebene City Specific Property Market:

Submarkets- Nodes (top office stock)

Uncertainty in the international market as a result of the

RATINGS AND INDICES

City Introduction: Rabat City Specific Property Market: Rabat

Nairobi functions as the industrial hub of Kenya with

Submarkets- Nodes (top office stock)

City Introduction: Casablanca City Specific Property Market:

Area Casablanca is often referred to as the economic capital

Submarkets- Nodes (top office stock)