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Uptake of office space rises 12pc as economy recovers - 7 months ago, 12 July 06:15

By: Charles Mwaniki

Developers saw a rise in office space uptake for the first half of the year as a recovering economy boosted business activity, a report by property management firm Knight Frank says.

The firm says absorption of Grade A and B office space rose by 12 per cent in the six months compared to the second half of 2017, with the overhang of supply witnessed in 2016 and 2017 starting to ease.

Competition for tenants, however, means the developers have had to contend with a slight fall in asking rent per square foot at about Sh110 to Sh130 for Grade A and Sh80 to Sh110 for Grade B offices, despite the higher uptake. In the second half of last year, Grade A rent went up to Sh140 per square foot.

“What we have seen is empty space being absorbed in the market. There was an oversupply in 2016 and 2017, mainly due to the ...
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Category: business news markets corporate lifestyle opinion economy

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