Global corporates keen to enter key African countries to catch the urbanisation and the emergence of a middle class are fuelling requirements for high-quality office space in major regional hubs, where increasing demand and limited supply are pushing up prime rents. The highest rents have now reached $15,000 (£10,100) per sq m per month in Luanda in Angola followed by Lagos and Abuja in Nigeria.
Peter Welborn, Knight Frank’s managing director for Africa, said: “We are also seeing increased interest from South African investors and developers who have finally started to look at the rest of the continent as their economy slows.”
• For a full analysis of Africa’s hottest emerging markets, read the full feature here.
