This increased office market activity has been attributed to the ‘flight to quality’ trend that has seen businesses taking advantage of weakened prime office rents to occupy office spaces that place employee wellbeing at the forefront.
In Nairobi for example, prime office rents dropped marginally by one per cent Quarter on quarter due to lockdown restrictions imposed at the onset of Q2 2021. In addition, markets such as Western Cape and Gauteng in South Africa continue to see increased vacancy rates and downward pressure on prime rents, prompting landlords to offer incentives and discounts.
Nigeria has since resumed business as usual due to the economy being highly dependent on labour. Although, the Pandemic led to a lot of organisations closing up, it also let to new organisations being established, especially tech and logistics companies. There was a shift in the perception of shared office space hence, an increase in the demand. There was also an increase in residential property development including workstations and study rooms.
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