The Cairo Real Estate Market – Q3 2022
Cairo’s office sector continues to see healthy levels of enquiries in Q3
- Khawar Khan
- Faraz Ahmad
- Zenah Al Saraeji
In the office sector, while the flotation of the Egyptian pound has caused many landlords to lease their office spaces in USD rather than the local currency, occupiers are looking for more flexible landlords who are willing to do deals in the Egyptian pound. Furthermore, due to import restrictions, the limited availability of materials required for fit-out work has resulted in an overall increase in the cost of fitting out office spaces.
Overall, the third quarter saw average asking office rents in the capital rising by 5% year-on-year to around USD 347 per sq. m. per annum, and over the same period, Cairo’s office vacancy rate increased to 10%, marking a slight increase from 8% in Q3 2021.
Read our latest report for an overview of the office, residential, retail and hospitality sectors in Cairo.
