Cairo’s office sector continues to see healthy levels of enquiries in Q3

Cairo’s office sector continues to see healthy levels of enquiries in Q3

- Cairo saw the delivery of approximately 95,000 sq. m. of office gross leasable area (GLA) in the third quarter

- Residential sector witnessed higher levels of sales activity in Q3 as buyers looked to hedge against inflation and currency devaluation by investing in real estate

- Within the retail sector, new opportunities in the fields of Fintech and PropTech propelled the emergence of start-up companies that offer online financial solutions to buyers

- The capital’s hotel occupancy rate continued to see a notable recovery in Q3, jumping to 61% between January and August

Cairo, Egypt – Despite the prevailing economic conditions and the overall slowdown of the office sector, Cairo has been witnessing an upsurge in enquiries for office spaces

This comes on the heels of ICT outsourcing companies seeking to operate in Cairo. This segment typically requires small office spaces ranging from 100 to 600 Sq. m. In addition to this, interest in larger offices from new market entrants has also increased compared to three months earlier.

In terms of leasing, while the flotation of the Egyptian pound has caused many landlords to lease their office spaces in USD rather than the local currency, occupiers are looking for more flexible landlords who are willing