Absorption of Grade A and B office space in Nairobi rose by 12% in the first half of the year compared to the second half of 2017, according to Knight Frank’s Kenya Market Update – 1st Half 2018. Increased uptake of office space followed the improved political climate and economic recovery in the period, with the country’s Gross Domestic Product (GDP) having expanded by 5.7% in the first quarter. A decline in prime asking rents for offices to US$1.3 per square foot per month, from US$1.4/sqft/m in the latter half of 2017, also boosted uptake. The Kenya Market Update report showed prime residential prices increased marginally by 0.4% in the period compared to a 1.8% decrease in the second half of 2017, while prime residential rents rose by 0.33%. “The increase in prime residential prices and rents is attributed to an improved political climate and the thawing of the wait-and-see attitude among buyers and occupiers,” the report notes. In retail, prime rents remained flat at US$55/sqm/month, with footfall in major shopping malls having increased slightly in the review period as expanding retailers took up anchor tenant spaces vacated by ailing rivals. Occupancy levels remained high for established malls at 90% and…

Are you in a SACCO? Here is why you need to join one as soon as possible! As the world marked the International Day of Cooperatives locally known as Ushirika Day two weeks ago, Urithi Housing Cooperative Society handed over 100 affordable homes to families in Juja, Kiambu County. The houses, each sitting on a 1/8-acre land, are three-bedroom master ensuites. The gated community is also served by a new commercial centre and a children’s playground along Juja Farm road. The construction of the new Juja Plainsview Estate began in 2015. It is the fourth project under the Nyumba Mia affordable housing concept, which Urithi has been handing over to Kenyans in the last two years. Read more