22 Oct 2016 - Nigeria (Lagos)

James Whitmee

I am in Lagos in Nigeria, basing myself here for a week or so for some other projects in the region.

In Lagos I have spent the last several days looking at the industrial market around the Iganmu Industrial Estate in Surulere. This is a central and well-connected zone on the Mainland where Nigerian Breweries (NBC) have a huge presence.

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11 Jul 2016 - Congo (Pointe Noire)

James Whitmee

I am now in Pointe Noire having taken the 45-minute flight from Brazzaville. This is an oil city on the coast of Congo, and with oil representing such a large part of this economy, Pointe Noire is the economic capital of the country. Global companies such as Total, Chevron and ENI have a significant presence.

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05 Jul 2016 - Congo (Brazzaville)

James Whitmee

I am in Brazzaville in Congo. There have been some changes since I was last here around 18 months ago. The Radisson Blu M’Bamou Palace in the city centre has just opened and Immeuble ELBO with its spectacular views over the Congo River towards Kinshasa is almost complete (to provide offices and serviced apartments).

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07 May 2016 - Gambia (Banjul)

James Whitmee

I am in Banjul in The Gambia looking at the land and residential markets in the Greater Banjul Area.

The tourist sector is highly developed, and there are many good hotels and restaurants. It is perhaps the only West African city where the guidebooks say that you can drink the tap water, and the infrastructure generally is good.

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31 Mar 2016 - Tehran Offices Research

Here is our research for Q1 2016 relating to offices in Tehran:

 

OFFICE MARKET OVERVIEW

Tehran is the capital of Iran and with a population of circa 8.4 million (Greater Tehran population 14 million) the city is the country’s main international office market.

In 1979 the United States led international efforts to enforce sanctions on Iran to influence their policies. This has had the effect of reducing the number of international companies present in Tehran, restricting the requirement for commercial space to local companies and reducing the need for offices. However, office properties have been developed throughout this period.

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31 Mar 2016 - Abidjan retail research

Here is our research for Q1 2016 relating to retail in Abidjan:

 

RETAIL MARKET OVERVIEW

Following a protracted period of conflict and political uncertainty during the first decade of the 21st Century, Côte d'Ivoire has stabilised.  The elections of Q4 2015 appear to have convinced the international markets that this stability is sustainable.

The retail market has been operating on a restrictive basis in Abidjan with centre owners generally having shareholdings in competitor centres, and also controlling many of the brands. This position has changed in the past six months with the opening of the CFAO/Carrefour PlaYce Marcory.

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15 Mar 2016 - Nigeria (Lagos)

James Whitmee

I am in Lagos looking at the office markets both on the Islands and the Mainland.

The market is quite polarised, with the Islands having an oversupply, and the Mainland a dearth of office availability.

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31 Mar 2016 - Douala Offices Research

Here is our research for Q1 2016 relating to offices in Douala:

 

OFFICE MARKET OVERVIEW

Whilst Yaoundé is the political capital of Cameroon, Douala, being on the coast and with a large port, is the commercial capital of the country.

The office market in Douala has reached a point where there are defined districts, but the majority of stock is dated, and many buildings fall short of international Health & Safety standards.

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31 Mar 2016 - Accra Offices Research

Here is our research for Q1 2016 relating to offices in Accra:

 

OFFICE MARKET OVERVIEW

Office buildings in Accra have traditionally been located in the CBD or Ridge area of the city  and there has been significant new construction in this area in recent years.  This includes the development of offices at the Movenpick Hotel site (c. 6,400 sq m), The Octagon Building (c. 46,000 sq m) and the Accra Financial Centre (c. 19,000 sq m).

At the same time a new office area has emerged at Airport City adjacent to the international airport lying to the north east of the city centre.  A series of new buildings have been constructed here in recent years with others under construction.  These include One Airport Square (c. 14,000 sq m), Stanbic Heights (c. 20,000 sq m) and the SSNIT Building (c. 14,000 square metres).

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31 Mar 2016 - Abidjan offices research

Here is our research for Q1 2016 relating to offices in Abidjan:

 

OFFICE MARKET OVERVIEW

Following a protracted period of conflict and political uncertainty during the first decade of the 21st Century, Côte d'Ivoire has stabilised.  The elections of Q4 2015 appear to have convinced the international markets that this stability is sustainable.

Following a decade of no office rental growth, rents have jumped by around 50%. There is extremely limited Grade A availability currently and this is likely to lease up entirely during Q1 2016, so that they will effectively be 0% availability over the next 12 to 18 months.

We would judge the outlook to be positive/very positive, with potential for rents to rise further.

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31 Mar 2016 - Lagos Offices Research

Here is our research for Q1 2016 relating to offices in Lagos:

 

OFFICE MARKET OVERVIEW

Prime commercial office rents in Lagos continue to remain among the highest in Africa, second only to Angola.

During the difficult economic period of the last several years, premium office rents fell back from USD 1,000 to around USD 850-900 /sq m /year, although there are still developments which continue to quote USD 1,000 /sq m /year.

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31 Mar 2016 - Dakar Offices Research

Here is our research for Q1 2016 relating to offices in Dakar:

 

OFFICE MARKET OVERVIEW

Dakar, with its setting on a peninsula, is one of the most beautiful of West Africa's cities and as such is a popular location for expats. It has benefited in the past from a flight of capital and business from Côte d'Ivoire due to conflict and turmoil in that country. However, with Côte d'Ivoire achieving stability, a general decline in manufacturing in Senegal, and some political fallout post the wild presidency, Dakar offices have performed flat at best.

Whilst I have been pockets of value growth, notably a shift in interest from the south to the north of the city, prime values are really unchanged from 10 years ago.

We would judge the outlook to be stable/negative but would not expect rents to fall over the next 12 months.

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26 Mar 2016 – Algeria (Oran)

James Whitmee

I am in Oran, having flown here from Algiers.

Whereas I normally stay in the Ibis this time I am staying in the newly opened Four Points, which is excellent. Everything here is better value than Algiers – the hotels, taxis, real estate, etc. Offices are around 1/3rd of the cost of the capital being at DZD 1,000 /sq m /month for prime.

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