As the Harare CBD dies, office space hunters are moving to the suburbs.
“The real estate market remains in limbo; however, the suburban office market remains buoyant due to ongoing relocation activity away from the CBD,” according to Siza Masuku, MD of Knight Frank Zimbabwe.
Knight Frank says as more corporate clients move away from the city, more residential properties in Eastlea, Belvedere, Milton Park, Alexandra Park and Belgravia will be converted into offices.
Knight Frank’s research shows “particularly high potential for office development in the Northern suburban areas”.
The company adds: “In the industrial sector, demand remains strong but is largely unfulfilled due to limited supply. The positivity in the sector is to an extent continuing to be tempered by power outages, low capitalisation, poor water supply and deteriorating infrastructure.”- NewZWire
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