Too many malls, Too few tenants: Why there’s a glut of malls and commercial space in Nairobi
Retail space exceeds business demand, with about 3.6 million square feet vacant in Nairobi and another 1.9 million square feet across the rest of the country. This has made it harder for malls to attract tenants and earn good retail income.
Kenya’s retail real estate sector is undergoing a shift following a glut of malls and commercial space in Nairobi.
The sector is now moving away from speculative mega-mall developments and traditional office blocks towards neighbourhood centres and mixed-use developments tied to the growing digital
economy.
Watch the video to find out why the real estate sector is moving away from mega-mall developments to smaller neighbourhood retail centres.