New malls put downward pressure on Nairobi rents

A recently published report by Mauritius-based Grit Real Estate Income Group claims that an increase in the supply of modern retail space in Nairobi is putting downward pressure on rents.
It noted that while the increased interest of international retailers in the local market has buoyed rents over recent years, “There is likely to be downward pressure … as the local retail supply reaches saturation point.” It added: “The recent surge in retail supply has resulted in a slower uptake of new retail space, as well stagnating prime rents … which has prompted some landlords to offer incentives [such as rent-free fit-out periods] in a bid to attract tenants.”
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