{"id":585198,"date":"2023-04-12T00:00:00","date_gmt":"2023-04-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/12\/economic-headwinds-to-hit-office-rents\/"},"modified":"2023-04-12T00:00:00","modified_gmt":"2023-04-12T00:00:00","slug":"economic-headwinds-to-hit-office-rents","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/12\/economic-headwinds-to-hit-office-rents\/","title":{"rendered":"Economic headwinds to hit office rents"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><\/span><span style=\"font-weight:700\">Office rents in<\/span><span style=\"font-weight:700\"> Egypt will fall by 30% this year<\/span><span style=\"\"> in USD terms as challenging economic <\/span><span style=\"\">conditions sap demand for office space, <\/span><span style=\"\">Fit<\/span><span style=\"\">c<\/span><span style=\"\">h Solutions says in a report picked up by <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.zawya.com\/en\/economy\/north-africa\/office-rents-in-egypt-to-fall-30-in-2023-on-higher-inflation-fitch-solutions-wn7ic4ir\" style=\"\">Zawya<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Tl;dr:<\/span><span style=\"\"> The country\u2019s commercial real estate sector will face pressure this year as higher borrowing costs, soaring inflation, and slowing economic growth weigh on businesses.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Hardest hit:<\/span><span style=\"\"> Average monthly rents in Alexandria will fall <\/span><span style=\"font-weight:700\">almost 36% y-o-y<\/span><span style=\"font-weight:400;\"> to USD 8.20 per sqm.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">In the capital: <\/span><span style=\"\">Monthly rents in Cairo \u2014 where demand is greatest and rents are highest \u2014 are expected to drop <\/span><span style=\"font-weight:700\">more than 30% y-o-y to<\/span><span style=\"\"> USD 17.40 per sqm. Rents in Giza will fall <\/span><span style=\"font-weight:700\">almost 32% y-o-y<\/span><span style=\"font-weight:400;\"> to USD 9.30 per sqm.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Lower rent \u2260 lower yield:<\/span><span style=\"font-weight:400;\"> Despite falling rents, returns on investment in the commercial real estate sector will remain roughly the same. Yields will remain at 8-10% in Cairo and Giza and 6-7% in Alexandria.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Driving the trend:<\/span><span style=\"\">High interest rates will <\/span><span style=\"\">dampen private investment and weigh on the construction sector, Fitch Solutions says. The Central Bank of Egypt has raised rates by 1k bps since March 2022 \u2014 including a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d48e529f-df57-429c-ac77-650747100ba1\" style=\"\">200-bps hike<\/a><\/span><span style=\"\"> last month \u2014 in a bid to offset the impact of multiple currency devaluations triggered by the war in Ukraine. The spillover effects from the conflict have caused inflation to surge to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fed48338-9c78-413e-93c0-e2bc59f52ec4\" style=\"\">near-record highs<\/a><\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The medium-term outlook isn\u2019t so bad:<\/span><span style=\"\"> Fitch Solutions\u2019 medium-term forecast period <\/span><span style=\"\">holds a more positive outlook with real GDP increasing to 5.1% in 2024<\/span><span style=\"font-weight:400;\">, weaker inflation, and lower borrowing costs. \u201cIn the longer term, a stabilization in GDP growth as well as in the growth of tertiary services output should provide some support for office space demand,\u201d the report says. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Demand for residential housing is also expected to increase<\/span><span style=\"font-weight:400;\"> in the long-term owing to economic diversification, population growth and growing urbanization.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Higher borrowing costs and soaring inflation are weighing on the sector<\/p>\n","protected":false},"author":1,"featured_media":585199,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7371],"tags":[104,72,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-585198","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-economy","tag-enterpriseam","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"00d76a80-eaac-44d1-8ca3-81ed1ccdd841","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/4\/527.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt office rents to fall 30% year on economic woes","related_issue":[585187],"teaser":"Higher borrowing costs and soaring inflation are weighing on the sector","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/4\/.43b1885b-29d9-492f-b786-b312de19e636.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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