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Office absorption increases by 64% and prime residential rents decline slows, according to Knight Franks' 1st Half 2021 Report

Office absorption increases by 64% and prime residential rents decline slows, according to Knight Franks' 1st Half 2021 Report
zawya.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from zawya.com Daily Mail and Mail on Sunday newspapers.

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To buy or build? Options for homeowners in a Covid-hit world

“That is why you see some of those residential areas around the city now deserted as people look for cheaper options. A lot of people are looking for options, and housing is now an issue most discussed.”
She says as the markets are in stress, people who can afford to buy some of the properties on offer should go for them.
“Of course in the end building will be the cheaper option, but at a time like now even ready-made property is tending towards affordability,” says Wacuka.
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Absorption of office space decreased by 47 per cent in 2020, report

THE STANDARD
By
Fredrick Obura |
February 10th 2021 at 08:45:00 GMT +0300
Office space in a file photo
NAIROBI, KENYA: The residential sector remained a buyers’ market in 2020, as prime residential rents declined sharply by 10.25 per cent, compared to 2.8 per cent in 2019, according to Knight Frank’s Kenya Market Update for the second half of 2020.
Notably, this was attributed to the continued oversupply of rental properties, less disposable income due to the unfavourable economic climate brought about by the pandemic, budget cuts from multinationals and fewer expatriates in the country.
These factors also affected sale prices of prime residential properties in Nairobi, which decreased by 3.9 per cent in 2020, compared to 4 per cent in 2019. ....

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Construction rebounds to pump Sh169b into economy

THE STANDARD
By
Peter Theuri |
February 4th 2021 at 14:00:00 GMT +0300
Ongoing works at the Sh300m outpatient wing at Naivasha level IV hospital which is expected to be completed by April 2021 two months ahead of the set schedule. [Antony Gitonga, Standard]
The construction sector contributed Sh169 billion to Kenya’s gross domestic product in the third quarter of 2020, the highest in any quarter since 2015.
This is despite the onslaught on the sector and the economy in general brought about by the coronavirus pandemic following the announcement of the first case of Covid-19 in the country in mid-March.
According to the Kenya National Bureau of Statistics’ Quarterly Gross Domestic Product Report, the sector’s performance in the third quarter of 2020 was up from the Sh135 billion it pumped into the economy in a similar quarter in 2019, a 16.2 per cent growth. ....

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Kileleshwa Landlords Forced to Slash Rent

Kileleshwa Landlords Forced to Slash Rent
A block of apartments in Nairobi.
File
Tenants living in Kileleshwa are currently enjoying the upper hand in negotiations as landlords have been forced to lower rent due to low occupancy.
Speaking to
Kenyans.co.ke, a tenant residing in the area revealed that she was able to negotiate her rent down by Ksh20,000.
I used to pay Ksh75,000 for my 2-bedroomed apartment but we came to an understanding with my landlord who agreed to bring it down to Ksh55,000,
Last year, almost 50% of my neighbors moved out due to the pandemic and tough economic constraints that followed. With most of the houses vacant for months, I saw this as an opportunity to renegotiate, she explained. ....

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