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Cairo Office Overview - Q3 2011

  • Although the earlier demonstrations and unrest witnessed in H1 2011 have now abated to some extent, the overall impact on the real estate market is still being felt.

  • Cairo is currently experiencing a shortage of Grade A office space. The majority of office space i is currently Grade B or C and typically located in converted residential buildings. The office market is scattered throughout the city, however, there are  four main commercial districts: Mohandessin, Downtown Cairo, NasrCity and Maadi. With the on-going development in New Cairo, the amount of Grade A space is expected to increase in the near term. New supply will continue to be added to the new, preferred office locations of the satellite areas.

  • Activity is returning to the market with multinational petrochemical and FCMG companies moving towards east of the city (New Cairo) due to its location which is close to the airport and offers good quality buildings, yet occupiers such as those in the financial services, IT, pharmaceuticals and energy processing sectors are adopting a “wait-and-see” approach until the medium-term future becomes more obvious.
  • The balance of power has traditionally been in favour of landlords who were able to apply their terms and conditions due to the limited amount of available prime office space but since the revolution it has shifted more towards tenants, evident in the increasing flexibility on rental terms.

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