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Business Expansion Drives Office Space Demand in Ghana: Broll Report

Business Expansion Drives Office Space Demand in Ghana: Broll Report

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Business Expansion Drives Office Space Demand in Ghana: Broll Report

The demand for office space in Ghana is increasing driven by business expansion, according to a report by Broll, a leading real estate services firm in Ghana. Broll’s Ghana Property Market Snapshot analyzed economic indicators and market trends and pointed to several factors contributing to the rising need for office space. 

The report indicated that the Office Market experienced consistent activity levels in the second half of the year, continuing the positive trend observed in the first half. This sustained activity reflects an overall improvement in the economy, as businesses demonstrate a growing demand for office space. 

‘’Demand for office space primarily stemmed from already existing businesses looking to either augment their business or relocate to attract a new client base. New lettings, however, stayed within a range of 100sqm-300sqm,’’ Broll explained.

The continued activity in the Office Market reflects a positive sentiment in the business community and an optimistic outlook for the future. As the economy recovers and businesses adapt to new ways of working, the demand for quality office space is expected to remain strong.

Ghana's economy has undergone a remarkable rejuvenation, leading to a sustained growth trajectory in recent months. The country recorded a robust 2% year-on-year growth rate in the final quarter of 2023, signaling a positive trend in economic performance. 

The report's findings also indicate that despite the stable demand, the supply of office space remained stagnant during the period under review. There were no notable additions or new developments in the office market, resulting in a flat supply. Delays in the completion of ongoing projects are one of the major reasons the market is not responding to demand. 

The flat supply suggests that the market needs to respond more effectively to the growing demand, leading to potential challenges in meeting the space requirements of businesses. 

Based on Broll observations, office space in Accra could potentially increase significantly if certain ongoing projects are completed. Some of these notable projects include Skyview Tower, the Energy Exchange building, and the Ghana Maritime Authority HQ.

However, Broll didn’t hesitate to indicate that the completion of these office projects in the city will unlikely be realized within the upcoming year. This cautious assessment suggests that the current supply of office space is likely to remain relatively flat and constrained in the near term.

Broll's analysis of the commercial real estate market in the latter half of the year revealed that headline rents remained relatively stable, primarily due to the accommodating stance adopted by property owners and managers during negotiations. This flexibility played a pivotal role in maintaining a balance between tenants' needs and property owners' financial interests.

The Trend of Ghana's Industrial Market

Broll explained that the industrial property market, particularly the warehouse sector, experienced a lull in activity during the second half of 2023. This flat market trend can be attributed to several factors, one of the most significant being the prevalence of owner-occupied industrial properties.

‘’Activity in the industrial property market (warehouses) was flat during the second half of 2023. The lack of substantial activity is due to the industrial market being predominantly owner-occupied,‘’ Broll said.

Meanwhile, Broll predicts a surge in demand for warehouse space based on the growing inquiries from companies preparing for the upcoming economic year. This trend is fueled by various factors, including the expansion of e-commerce, the rise of more retailing activities, and increased inventory levels driven by global supply chain disruptions. 

Furthermore, as indicated by the report, the automotive industry in the country is poised for growth with the anticipated introduction of three more global brands: Hyundai, Changan, and Isuzu. This development will intensify competition in the local market, currently dominated by Toyota and Nissan. 

The entry of these new players is likely to stimulate consumer demand, potentially leading to increased vehicle sales and a corresponding need for additional warehousing facilities to accommodate inventory and spare parts.


To capitalize on this anticipated demand, real estate developers and investors should consider strategic investments in office and warehouse development projects. Factors such as location, accessibility, and proximity to major transportation routes will be crucial in determining the success of these projects. 


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