Next Frontier for Commercial RE? 20 African Cities, Says JLL
Thanks to retail expansion, corporate outsourcing and positive economic growth, 20 African cities have emerged as key opportunities for commercial real estate growth by 2020, according to a Jones Lang LaSalle’s (JLL) report titled News Detail. While poor real estate transparency continues to constrain many of these cities, according to JLL, there are potentially huge payoffs if the cities can improve regulatory environments and transaction processes.
The 20 African cities that JLL highlighted include:
- Egypt: Alexandria and Cairo;
- Ethiopia: Addis Ababa;
- Ghana: Accra;
- Kenya: Mombasa and Nairobi;
- Morocco: Casablanca, Marrakech, Rabat and Tangier;
- Mozambique: Maputo;
- Nigeria: Abuja, Lagos;
- South Africa: Cape Town, Durban and Johannesburg;
- Tanzania: Dar es Salaam;
- Tunisia: Tunis; and
- Zambia: Lusaka.
JLL reported that the 20 cities collectively represent an urban population of about 70 million people. Eleven of the cities are located in just four countries including:
- Egypt: Cairo, the most populous city in Africa, is a key target for developers, despite political and economic uncertainties.
- Morocco: Casablanca, the largest city in the Maghreb region, is an emerging outsourcing hub.
- Nigeria: Lagos, the commercial hub of Africa’s second-largest economy, is a city witnessing rapid GDP growth at over seven percent.
- South Africa: This country offers the only transparent real estate market of the cities mentioned, according to JLL.
Add a Comment
We welcome your thoughtful comments. Please comply with our Community rules. All comments will display your real name.