Nairobi City has been listed among four cities globally with increasing importance in 2016 as investors cast their nets wider in pursuit of real estate opportunities.
The Knight Frank Global Cities 2016 survey shows Nairobi has an expanding retail shopping experience in the continent compared to a year ago, making it attractive to cross border money flows.
According to the report, about 1.8 million square feet of modern shopping mall space was opened for commercial use in the city in 2015.
“Given that the mall stock previously had totalled 980,000 square feet, this amounts to a revolution in the city’s retail experience, which matches the huge economic and demographic changes that have unfolded in Kenya,” the report states.
The report further indicates that Nairobi is taking off as a hub for global corporations looking to establish an office to cover East Africa, partly due to a growing realisation by many multinationals that sub-Saharan Africa is too big to be serviced by a sole office based in South Africa.
This post first appeared HERE