6 Mar 2019 - Senegal (Dakar)
I am in Dakar looking at the prime office market and apartments across the peninsular. I have based myself in Ngor up in the north near to the old airport, but I have been working north-south from Les Almadies, through Mermoz, Fann, Point E and down to Plateau.
The prime office market is relatively small and most speculatively developed buildings run with vacancy of around 10-15%. There are a variety of finishes from fitted to a shell condition. Prime rent I would put at CFA 12,000 /sq m before tax (18% VAT + 3.6% TOM – TOM is a waste management tax). Service charge may be in addition at around 15%.
There is significant programme of high-end apartment development taking place across Dakar (and mid-market although I have not covered this part of the market on this trip). This scale of development seems to have been prompted by the general optimism that is felt here, and in anticipation of the oil and gas sector bringing in significant numbers of ex-pat staff.
A very good apartment leases from around CFA 1.5 million per month but for luxury units can go as high as CFA 2.8 million per month. There is no VAT on residential rents but TOM at 3.6% is paid.
My next project is in Monrovia in Liberia where I will be next week.
Hotel Roi Fahd at Les Almadies (formerly Le Meridien)
Focus One’s Escape at Fann Residences – upscale apartments
Carrefour’s new unit at Piscine Olympique, Point E (SDIH development)