DeepInYourMind
Elder Lister
Companies are increasingly shunning office space in Nairobi due to landlords' preference for tenants paying rent in dollars, the latest Kenya Market Update by Knight Frank shows.
According to the report, office occupancy in the first half of 2023 recorded a decline of 3.9 percent, settling at 71.5 percent, in comparison to the preceding half-year period.
The trend was also attributed to the oversupply of office space in the capital and the growing popularity of remote working among Kenyans.
Notably, the reduced uptake happened even as office rent prices remained stagnant at Ksh175 (USD1.2) per square foot.
www.kenyans.co.ke
According to the report, office occupancy in the first half of 2023 recorded a decline of 3.9 percent, settling at 71.5 percent, in comparison to the preceding half-year period.
The trend was also attributed to the oversupply of office space in the capital and the growing popularity of remote working among Kenyans.
Notably, the reduced uptake happened even as office rent prices remained stagnant at Ksh175 (USD1.2) per square foot.
Dollar Rents Drive Kenyans Out of Offices
Some landlords have set rents in dollars as the Kenyan Shilling depreciates.
www.kenyans.co.ke