Agents’ city level comments from the RICS Global Commercial Property Survey Q1 2010

V Gikonyo Gitonga No, CBRE, Nairobi, Kenya
“I predict a glut of commercial office space in Nairobi. However office occupiers will be looking for good quality grade A buildings and that is what will be lacking in the market.”

Jonathan Wright, DTZ, Doha, Qatar
“The market has really picked up in the opening months of 2010. We have seen several international companies now looking at office space again, with a few looking to close deals before the middle of the year.”

Frans Liebenberg, Capital Project Managers, Cape Town, South Africa
“The initial panic subsided, everybody is wary and a ‘no risk’ attitude prevails. The soccer world cup will lift the sentiment but the property market in real terms should stay the same.”

Claire Cupitt, Savills NSW P/L, Sydney, Australia
“Demand for industrial space is evidenced by strong leasing activity in recent months compared to the first half of 2009.”

David Faulkner, Colliers International, Hong Kong, China
“Vacancies in the prime office and retail areas are falling as companies start rehiring and consumer spending rises. This is driving the rental market.

Heiko Silber, Angermann AG, Berlin, Germany
“Lots of demand (investment). Pricing problems only a few deals leasing going down (deals & rents).”

Robert Meulmeester, Cadence Capital Group, New York, USA
“Market will remain distressed until overleveraging has been repaired and employment is truly improving which will probably take another two to four years.”

Amit Goel, Millennium Spire, Delhi, India
“The market is on the verge of revival, yet caution needs to be maintained. Developers credentials are very important. We also witness the increase in professionalism in the developers dealing with market and the customer. Having come out of recession, the occupiers have again become active in the market. Investor activities have increased, but the approach reflects caution.”

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