Phenomenal Growth Expected In Nairobi’s Commercial Real Estate Market
AFRICANGLOBE – Kenya’s capital Nairobi will continue to experience “phenomenal” growth in the commercial real estate market as the entry of multinationals, growth of local enterprises and an expanded government push demand for office space.
Nairobi– “One such investor is London-based private equity firm Actis which expanded its Nairobi Business Park development in 2012 and began work on Garden City, a mixed use development that will host the region’s largest retail centre and residential and office estate.
“The Kenyan property market is very vibrant. Capital appreciation is high in Kenya and there are good returns in terms of yields. That is why you are seeing a lot of international players coming in,” says Gitonga. In recent years corporate firms have relocated from the CBD into suburbs such as Upper Hill, Kilimani and Westlands to evade the city’s infamous traffic jams. For instance, emerging business district Upper Hill hosts the World Bank, Equity Bank Group head office, Coca-Cola East and Central Africa office headquarters, the World Health Organisation, British High Commission and Embassy of Japan.”
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