Accra office market powers ahead

Posted On Tuesday, 28 August 2012 10:40 Published by eProp Commercial Property News
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As Ghana’s economic growth continues at break-neck speed – fuelled by surging output in the mining and nascent upstream oil industries – the outlook for the office market in Accra is looking extremely bright, according to property management group Broll’s Q2 Office Barometer for Ghana

Broll GhanaOverview of the Accra office market

Over the past decade, a rise in foreign investment and an expanded white collar workforce has led to a significant increase in the supply of new office space in Accra. Net rentals vary between US$6 and US$36 per m² per month, while tenant service charges range from 10% to 20% of going rates. Lengths of leases run between two and three years.Office nodes.

The effect of increased traffic congestion in the CBD of Accra is compelling many companies to relocate to its periphery, in areas such as West Ridge and Airport, Spintex Road and Adabraka.

The CBD, covering the Accra Central, Tudu and High Street areas, is home to most financial institutions, large department stores and corporate head offices.

West Ridge
West Ridge, once the first choice of residential area, has metamorphosed into a commercial node. It is now a hub of office properties and the financial district that has come to be known as ‘the Wall Street’ of Accra. Along the major roads – Independence Avenue especially – several notable developments and refurbishments of mid- to high-rise office space are under way or have recently been completed.

Airport City
Airport City is a prime mixed-use area with a variety of high-rise buildings and a high occupancy rate. It is strategically positioned with easy access to Accra, the CBD and Tema, and is likely to be a target area for the relocation of many businesses. The most recently completed high-rise building is Phase II of Manet Towers, with new buildings coming online including Icon House, One Airport Square and SSNIT Emporium.

Spintex Road
Spintex Road was previously zoned as industrial, but has evolved into a mixed-use area offering residential, industrial and commercial buildings. Its upgrade has spurred the development of commercial properties.

Adabraka was originally a residential suburb, but is now a mixed-use area offering mainly offices and retail developments.

Looking ahead
According to all available data, the outlook is extremely positive with more than 150 000 m² office space coming online in Accra in the next 30 months.

Last modified on Tuesday, 15 April 2014 09:54

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