19 May 2019 – Senegal (Dakar)
This week I have been in Dakar, looking at the office market. After a successful week, I am in the lobby of the Yaas Hotel in Les Almadies, waiting for my lift to the new Blaise Diagne International Airport. The airport is a drastic improvement from the former Léopold Sédar Senghor International Airport and a symbol of the promising future of Senegal.
Dakar is a relatively small office market in terms of international corporate demand, and as a result, most of the office supply is constructed to a local standard and would fail most international corporates’ Health & Safety standards.
There has been a low level of Grade A development and rents have been flat at around CFA 10,000-12,000 /sq m /month for a decade.
The developer that has mostly been constructing the stock at the high end of the office market has been Teyliom with its developments in Plateau (Rivonia) and Mermoz (Atryum). Plateau is the traditional Central Business District and the location of government ministries (although moving to Diamniadio, as stated previously), many of the banks, insurance and travel companies.
Point E in the midtown area of the peninsular is quieter than Plateau, with less street-trading and has developed as an area where many of the professional and consultancy businesses are located.
In the north of the peninsular, Les Almadies has developed as an area for embassies (particularly following the relocation of US Embassy), and NGOs. It has also attracted some banks (eg Bank of Africa).
Focus One, Point E