SHOP AFRICA - RESEARCH - SUB-SAHARAN SHOPPING CENTRE DEVELOPMENT TRENDS - Knight Frank
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RESEARCH SHOP AFRICA 2016 SUB-SAHARAN SHOPPING CENTRE DEVELOPMENT TRENDS
SHOP AFRICA 2016 RESEARCH
NAIROBI,
KENYA
391,000
AFRICA: THE RETAIL COMPLETED SHOPPING
OPPORTUNITY CENTRE SPACE
With Africa’s property markets attracting increased interest
GLA (sq m)
FIGURE 1
GDP growth rates from regional and international investors, the retail sector
The relatively small
has become a major focus for development activity.
WORLD cities of Windhoek
SUB-SAHARAN AFRICA
8% Sub-Saharan Africa is experiencing a wave This includes older and poorer quality
I N
OEK
DH IBIA
,
and Gaborone
centres alongside more recently W AM 0
7%
of modern mall development, on the back
of the growth of the region’s consumer developed malls.
N ,00
260 currently have
6%
markets. This trend is underpinned by
Given that South Africa alone is estimated
more shopping
Africa’s long-term demographic and
economic growth. The population of
to have about 23 million sq m of shopping centre space than
5% centre space, more than seven times
Africa has more than doubled over the as much as the rest of Sub-Saharan
megacities such as
4% last thirty years to just over 1.1 billion, and Africa, there would appear to be room for Lagos and Kinshasa
it is projected to hit two billion by 2040. considerable further retail development
3%
Africa’s population is growing significantly across the region. At present, the largest
247 WAN E,
faster than that of any other global region.
TS ON
,0 A
2% shopping centre market in the area
BO BOR
00
FORECAST
covered by this report is Nairobi, with
GA
The population of Africa is not only
1% nearly 400,000 sq m of shopping centre
growing, but it is increasingly urban;
space. However, it is significant that the KIN
0% while a little over 40% of the population DR CSHASA, LIL
second and third largest markets by floor ONG O
1 O MA NGW
currently lives in cities, urban dwellers 0,00 L
space are Windhoek and Gaborone, two 0 32, AWI E,
-1% are projected to be the majority by 2040. 0
00
small capital cities in Southern Africa,
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Cities such as Kampala, Dar es Salaam
DA NEG 0
SE ,00
albeit in relatively mature and prosperous
KA AL
and Lusaka are among the fastest
45
R,
economies. The fact that megacities such
Source: International Monetary Fund growing metropolitan areas in the world. as Lagos and Kinshasa have less floor
Lagos, now widely recognised as the
KIG ANDA
RW 00
space than these two cities, which are a
55,0
ALI,
largest city in Africa, has a population fraction of their size, illustrates how much
variously estimated at anywhere between further their retail markets have to grow.
UGANDAA,
12 and 22 million and the UN forecasts
182,000
KAMPAL
that it will be one of the world’s ten largest
CÔTE D'IV
ABIDJAN,IRE
FIGURE 2
61,000
cities by 2030.
Shopping centre floor space
O
The demographic profile of Africa is Million sq m
young and the middle classes are
growing. By the African Development
ETHIOPIABA,
Bank’s definition, around 350 million
A
64,000
ADDIS AB
people in Africa are classified as middle
class. Within this group, there are brand-
conscious, technology-savvy consumers
ZIMBAB
HARAREWE
178,00
who demand access to the increasingly
sophisticated retail formats offered by SOUTH
,
0
AFRICA
81, BIQUE
Africa’s new wave of shopping malls.
ZAM TO,
MO MAPU
0
23 million sq m
00
Sizing the market
This report analyses the growth markets
of Sub-Saharan Africa and excludes South
LUSAMBI 0
81 GERI A,
NI UJ
Z
,00 A
Africa, which has a large and mature
AK A
149
AB
0
A,
,0
shopping centre market, and the North
0
Africa region. Within the 47 countries
covered by this study, Knight Frank RA,
SUB-SAHARAN AFRICA L ACC ANA
Research estimates that there is currently (ex. South Africa) NIGAGOS G H
00
12 ERIA , ,0
about three million sq m of existing 3 million sq m 1, 103
00
shopping centre space, in malls with a 0 ALAAM,
Acacia Mall, Kampala Sources: Knight Frank Research/South African LUAND DAR ES ZSANIA
minimum size of 5,000 sq m GLA. Council of Shopping Centres ANGOL A, TAN
A
113,00
0 107,000
Source: Knight Frank Research
Floor space estimates include formal shopping centres with multiple retail units and a minimum gross leasable area (GLA) of 5,000 sq m.
2 Please refer to the disclaimer at the end of this report 3SHOP AFRICA 2016 RESEARCH
SHOPPING CENTRE MARKET GROWTH SHOPPING CENTRE
Over recent years, the shopping centre concept has spread throughout an
DEVELOPMENT PIPELINES
increasingly wide range of Sub-Saharan cities. GLA (sq m)
Modern shopping centres are a relatively seen its retail offer continue to grow and the country’s pipeline is the largest in
new phenomenon in much of Africa. In a improve. New developments opened the region.
number of major markets, modern malls in 2015 included Garden City Mall (first
Completing the top five hotspots are
have only really started to appear over the phase, 33,000 sq m), while Two Rivers
Dar es Salaam, where shopping centre
last decade; Accra Mall (20,000 sq m), for Mall (62,000 sq m) is nearing completion.
development is currently accelerating
example, generally regarded as the first Both are bigger than any existing retail
schemes in Nairobi and form part of having previously lagged Nairobi, its
modern mall in Ghana’s capital, opened in
2008. Its success has encouraged further major mixed-use developments. main regional rival in East Africa; and
development; West Hills Mall (27,000 sq m) Maputo, where retail development has
grown as part of a construction boom that
opened in Accra in 2014 and extensions to
Development hotspots has been largely driven by recent offshore
both malls are now in progress.
Knight Frank’s research has identified gas discoveries.
Developers have also turned their attention Nairobi, Luanda, Lagos, Dar es Salaam
to Ghana’s second city, Kumasi, where and Maputo as the cities with the five Not all major cities are seeing such high
pipeline schemes include Kumasi City Mall largest shopping centre development levels of development. To date, there
(29,000 sq m) and Garden City Mall (22,000 pipelines in Sub-Saharan Africa, has been relatively limited activity in the
sq m). The trend towards development in excluding South Africa. All of these capitals of Francophone West Africa, such
LILONGWE, MALAWI 7,000
second-tier cities is evident in a number cities fit the profile currently targeted by as Abidjan and Dakar. However, a huge GABORONE, BOTSWANA 25,000
of other countries, as developers have investors in Africa, as large, fast growing new shopping centre project, potentially WINDHOEK, NAMIBIA 38,000
ADDIS ABABA, ETHIOPIA 45,000
sought to gain first-mover advantage in cities in economies that have seen rapid the largest in Sub-Saharan Africa outside KINSHASA, DR CONGO 59,000
locations without existing modern malls. recent expansion. ABIDJAN, CÔTE D'IVOIRE 77,000
South Africa, has been announced for
LUSAKA, ZAMBIA 83,000
Most notably, there are numerous projects Dakar by the Hong Kong-headquartered
Nairobi has around 470,000 sq m of KIGALI, RWANDA 88,000
currently under construction in second-tier investor Hermes-Sojitz. Kinshasa, the HARARE, ZIMBABWE 103,000
shopping centre space in the pipeline,
Nigerian cities such as Onitsha, Benin City second most populous city in Sub- DAKAR, SENEGAL 125,000
while Luanda has more than 350,000
and Abeokuta. Saharan Africa, continues to see minimal
sq m, albeit this figure includes several KAMPALA, UGANDA 128,000
Within Sub-Saharan cities where the long-standing large-scale projects that modern development, while Addis Ababa,
ACCRA, GHANA 138,000
shopping centre concept has already taken have seen significant delays to their a market with huge retail potential in one
root, the trend is towards the development construction. Lagos has the third largest of Africa’s fastest growing economies, has ABUJA, NIGERIA 170,000
of bigger and higher quality malls. This is pipeline, but retail development is also seen modern mall development held back
exemplified by Nairobi; already the largest spread out across the many other large partly as a result of restrictions on foreign MAPUTO, MOZAMBIQUE 193,000
market in the region by floor space, it has cities of Nigeria and, at a national level, retailers entering the country.
DAR ES SALAAM, TANZANIA 235,000
FIGURE 3
Ten largest cities in Sub-Saharan Africa* Population (millions)
LAGOS, NIGERIA 240,000
LUANDA, ANGOLA 351,000
NAIROBI KENYA 470,000
DAR ES SALAAM
ADDIS ABABA
KINSHASA
ABIDJAN
LUANDA
12.6m
NAIROBI
IBADAN
11.1m
DAKAR
LAGOS
4.8m
3.2m
3.8m
3.5m
3.4m
5.3m
4.7m
3.1m
KANO
Source: Knight Frank Research
Source: United Nations Population Division, 2014 estimates *Excluding South Africa Floor space estimates include formal shopping centres with multiple retail units and a minimum gross leasable area (GLA) of 5,000 sq m.
4 5SHOP AFRICA 2016 RESEARCH
SHOPPING CENTRE
DEVELOPMENT HOTSPOTS
KAMPALA
Population 1.9 million
Existing mall space 182,000 sq m
Mauritania
Pipeline space 128,000 sq m
Mali Key opened malls
Niger Garden City Shopping Mall (25,000 sq m)
Acacia Mall (16,316 sq m)
Chad
Senegal Key pipeline schemes
Kingdom Kampala Mall (42,000 sq m)
Pearl Marina Estate Shopping Arcade
(20,000 sq m)
Ethiopia
Guinea Benin Nigeria
Ghana
Central
NAIROBI
ACCRA Côte African Republic Population 3.8 million
d’Ivoire Existing mall space 391,000 sq m
Population 2.2 million
Cameroon Somalia Pipeline space 470,000 sq m
Existing mall space 103,000 sq m
Uganda
Pipeline space 138,000 sq m Key opened malls
Garden City Mall (33,000 sq m, phase one)
Key opened malls
Kenya The Junction (26,000 sq m)
West Hills Mall (27,000 sq m) Republic Key pipeline schemes
Accra Mall (20,000 sq m)
of the Two Rivers Mall (62,000 sq m)
Key pipeline schemes Gabon Congo Rwanda The Hub (30,000 sq m)
Mallam Junction Mall (21,800 sq m) Democratic
Meridian City Mall (20,000 sq m) Republic
of the Congo
LAGOS Tanzania DAR ES SALAAM
Population 4.8 million
Population 12.6 million
Existing mall space 107,000 sq m
Existing mall space 121,000 sq m
Pipeline space 235,000 sq m
Pipeline space 240,000 sq m
Key opened malls
Key opened malls
Quality Center Mall (25,000 sq m)
Ikeja City Mall (22,650 sq m)
Mlimani City (18,000 sq m)
Palms Mall (20,500 sq m)
Malawi Key pipeline schemes
Key pipeline schemes
Peninsula Plaza (31,000 sq m)
Royal Gardens Mall (30,124 sq m)
Novare Lekki (22,000 sq m) Angola Zambia Mozambique Mkuki House Mall (22,000 sq m)
Madagascar
LUANDA
Zimbabwe MAPUTO
Population 5.3 million
Population 1.2 million
Existing mall space 113,000 sq m LUSAKA Namibia Existing mall space 81,000 sq m
Pipeline space 351,000 sq m
Population 2.1 million Pipeline space 193,000 sq m
Key opened malls Botswana
Existing mall space 149,000 sq m Key opened malls
Ginga Shopping (20,000 sq m)
Belas Shopping Centre (17,000 sq m) Pipeline space 83,000 sq m Maputo Shopping Centre (10,000 sq m)
Marés Shopping Centre (9,000 sq m)
Key pipeline schemes Key opened malls
Mundial Shopping (56,000 sq m) Manda Hill Mall (43,400 sq m) Key pipeline schemes
Muxima Shopping Centre (25,943 sq m) Levy Shopping Mall (28,000 sq m) Mall de Moçambique (63,000 sq m)
Bay City Mall (28,000 sq m)
Key pipeline schemes
Cosmopolitan Shopping Centre (17,000 sq m)
Society House Retail Mall (8,000 sq m)
Source: Knight Frank Research/United Nations Population Division
Floor space estimates include formal shopping centres with multiple retail units and a minimum gross leasable area (GLA) of 5,000 sq m.
6 7SHOP AFRICA 2016 RESEARCH
SHOPPING CENTRE SPACE
KEY MARKET PLAYERS OUTLOOK PER 1,000 PEOPLE
A range of local, regional and international operators The shopping centre sector currently GLA (sq m)/1,000 people
provides many of the most eye-
are driving retail market activity across Africa. catching examples of commercial
property development in Sub-
Saharan Africa. Even though retail
Retailers Development activity is also being
driven by the growing number of South
construction activity has accelerated,
The newly developed malls of Sub- nearly all of the region’s major cities
African investors targeting the rest of the remain extremely undersupplied KINSHASA, DR CONGO 1
Saharan Africa are absorbing demand continent. These include RMB Westport,
from a variety of retailers seeking to by international standards, and LAGOS, NIGERIA 10
whose development projects include development is set to continue apace. ABIDJAN, CÔTE D’IVOIRE 13
expand their footprint in the region. Royal Gardens Mall (30,124 sq m) in DAKAR, SENEGAL 13
South African retailers such as Shoprite, Lagos and Muxima Shopping Centre As the sector grows and competition ADDIS ABABA, ETHIOPIA 20
Pick n Pay, Game and Woolworths are (25,961 sq m) in Luanda; AttAfrica, which between retail schemes intensifies,
LUANDA, ANGOLA 21
particularly prominent, anchoring many has interests in Manda Hill Mall developers will increasingly look for
DAR ES SALAAM, TANZANIA 22
of the most modern malls. (43,400 sq m) in Lusaka, as well as opportunities outside of the current
ABUJA, NIGERIA 35
existing and pipeline schemes in Ghana; hotspots and turn their attention to
Other growing regional retailers include LILONGWE, MALAWI 37
and Resilient, which has targeted second and third tier cities. Within
the Kenyan supermarket operators
second-tier Nigerian cities. the cities that are already major focal KIGALI, RWANDA 45
Nakumatt and Uchumi which have been
points for retail activity, such as Nairobi
opening stores throughout East Africa, Along with local players such as Kenya’s ACCRA, GHANA 46
and Lagos, selecting the right micro
while Botswana’s Choppies chain is Centum and Nigeria’s Persianas Group, locations for development will become
on an expansion drive in Southern and these developers are in the process MAPUTO, MOZAMBIQUE 69
increasingly crucial to the success
East Africa. of creating a stock of high quality of new schemes. Developers may
International retailers targeting Africa have investable shopping
EAST AFRICA centre assets
WEST AFRICA CENTRAL AFRICA
need toNORTH AFRICA their
differentiate SOUTHERN AFRICA
malls from LUSAKA, ZAMBIA 72
most commonly entered the continent via throughout
5.0 Sub-Saharan Africa. the competition by offering access to
North African countries such as Morocco 4.5 international brands, leisure facilities
and Egypt, or South Africa. However, South
4.0 African investors have also and upscale consumer experiences. KAMPALA, UGANDA 98
there is now growing interest in the been
3.5actively acquiring existing malls
throughout
3.0 the region, notably Ikeja City Over the long term, shopping centre
wider Sub-Saharan region from major
Mall
2.5in Lagos, which changed hands in development will go hand in hand with
international retail groups.
2.0
November 2015. The mall was sold by Africa’s increased urbanisation and its NAIROBI, KENYA 104
The French supermarket chain Carrefour 1.5
Actis, RMB Westport and Paragon to economic growth. It will play a major
has made inroads in Francophone Africa 1.0
Hyprop and Attacq, two South African role in shaping the future landscapes
and is also poised to enter the Kenyan 0.5 in a deal reportedly worth
funds, of Sub-Saharan African cities.
HARARE, ZIMBABWE 119
market in 2016. Wal-Mart has made 0.0
c. US$91 million.
progress in Africa via its acquisition
2000
2005
2010
2015
2020
2025
2030
2035
2040
2045
2050
2055
2060
2065
2070
2025
2080
2085
2090
2095
2100
in 2012 of a majority stake in Massmart,
which operates brands such as Game FIGURE 4
in Africa. Africa population forecasts (billions)
Other international brands are present in
the region’s premier malls; for example, EAST AFRICA WEST AFRICA CENTRAL AFRICA NORTH AFRICA SOUTHERN AFRICA WINDHOEK, NAMIBIA 730
5.0
there are Hugo Boss, Levi’s and Lacoste
stores at the Palms Mall in Lagos, while 4.5
Mango, Aldo and Benetton are at the Sea 4.0
Plaza in Dakar. Most international brands
3.5
enter the region through partnerships with
3.0
local operators or franchise agreements.
2.5
Investors and 2.0
developers 1.5
The key developers behind Africa’s most GABORONE, BOTSWANA 1,067
1.0
modern new malls include Actis, the
pioneering UK investor which 0.5
has been active in Africa since launching 0.0
its first Africa Real Estate Fund in 2006.
2000
2005
2010
2015
2020
2025
2030
2035
2040
2045
2050
2055
2060
2065
2070
2075
2080
2085
2090
2095
2100
Current Actis projects include Jabi Lake
Mall (27,000 sq m), which will be the Source: Knight Frank Research/United Nations Population Division
largest mall in Nigeria’s capital Abuja. Source: United Nations Population Division Floor space estimates include formal shopping centres with multiple retail units and a minimum gross leasable area (GLA) of 5,000 sq m.
8 9SHOP AFRICA 2016 RESEARCH
RETAIL SPOTLIGHT: NAIROBI
The Kenyan capital Nairobi leads shopping centre development in
Sub-Saharan Africa.
Among the cities covered by this report,
Nairobi stands out as a major focus for Major shopping VILLAGE MARKET WESTGATE MALL THIKA ROAD MALL
shopping centre development. It is ranked
as the largest market by existing shopping
centre locations LOCATION: GIGIRI
SIZE: 23,000 SQ M
LOCATION: WESTLANDS
SIZE: 29,000 SQ M
LOCATION: ROYSAMBU
SIZE: 28,000 SQ M
OPEN DATE: 1995 OPEN DATE: 2007 OPEN DATE: 2013
centre floor space and it has the biggest OPEN MALLS PIPELINE MALLS
WELL ESTABLISHED, POPULAR EXCELLENT LOCATION; REOPENED IN 2015 RECENTLY OPENED MALL WITH HIGH FOOTFALL
development pipeline. NEIGHBOURHOOD MALL FOLLOWING 2013 TERROR ATTACK
Shopping centres have been a feature of TWO RIVERS GARDEN CITY
Nairobi since the 1980s when the Sarit LOCATION: RUNDA LOCATION: KASARANI
SIZE: 62,000 SQ M SIZE: 33,000 SQ M (PHASE ONE)
Centre, regarded as the city’s first formal OPEN DATE: 2016 OPEN DATE: 2015
mall, opened. Over the following decades, A NEW MAJOR REGIONAL DESTINATION MALL MAJOR NEW REGIONAL DESTINATION MALL
Nairobi’s retail landscape has been Karura
Forest ON THIKA SUPER HIGHWAY
populated by other successful schemes
such as Yaya Centre, Village Market and
ROSSLYN RIVIERA
LOCATION: ROSSLYN SARIT CENTRE
“The developers of
The Junction. However, the current wave
of development is creating modern malls
SIZE: 11,000 SQ M
OPEN DATE: 2016
LOCATION: WESTLANDS
SIZE: 30,000 SQ M
Nairobi’s modern
that are setting new standards for size and
NEW NEIGHBOURHOOD MALL IN AN
UPMARKET SUBURB
OPEN DATE: 1983
NAIROBI’S FIRST FORMAL MALL; STILL
malls are building
quality within the market.
YAYA CENTRE
VERY POPULAR
new city hubs,
The most prominent shopping centre LOCATION: HURLINGHAM Nairobi GREENSPAN SHOPPING MALL where people can
opening in 2015 was the first phase of SIZE: 13,500 SQ M
Garden City Mall, comprising 33,000 sq m OPEN DATE: 1989
Ngong Road Forest
LOCATION: DONHOLM
SIZE: 18,000 SQ M live, work, shop
and play all on
WELL LOCATED, SUCCESSFUL, OLDER MALL OPEN DATE: 2011
GLA. This is part of a large-scale mixed- Jomo Kenyatta
International Airport PRIMARY SHOPPING CENTRE WITHIN ITS
use project developed by Actis, which THE JUNCTION MALL
also includes residential, office and hotel LOCATION: LAVINGTON
CATCHMENT AREA
the same site, in
elements. It is planned to be fully completed
in 2017, when the mall will be expanded to
SIZE: 26,000 SQ M
OPEN DATE: 2004 NEXTGEN MALL locations near to
50,000 sq m.
POPULAR AND SUCCESSFUL MALL Oloolu
Forest
LOCATION: NAIROBI SOUTH C
SIZE: 65,000 SQ M key transport links.”
Nairobi OPEN DATE: 2016
The development pipeline includes THE HUB National Park
LOCATION: KAREN
LARGE MIXED-USE PROJECT; MALL Ashmi Shah, Retail Portfolio
Centum’s keenly awaited Two Rivers SIZE: 30,000 SQ M
ANCHORED BY NAKUMATT
Manager, Knight Frank Kenya
project, which is expected to open in 2016. OPEN DATE: 2016
A 62,000 sq m mall will be delivered as NEW NEIGHBOURHOOD MALL IN AN SAFARICOM MALL
UPMARKET SUBURB (CRYSTAL RIVERS)
part of the first phase of this major mixed-
use scheme being built on a 100 acre GALLERIA MALL T-MALL CAPITAL CENTRE LOCATION: ATHI RIVER
SIZE: 20,000 SQ M
site. Another key project set to open in LOCATION: LANGATA LOCATION: NAIROBI WEST LOCATION: NAIROBI SOUTH B OPEN DATE: 2017
SIZE: 14,700 SQ M SIZE: 16,000 SQ M SIZE: 14,000 SQ M
2016 is The Hub in Karen, one of Nairobi’s OPEN DATE: 2010 OPEN DATE: 2009 OPEN DATE: 2003 NEW MALL WITHIN AN AREA OF MAJOR
RESIDENTIAL DEVELOPMENT
wealthiest neighbourhoods, which will offer DOMINANT MALL WITHIN ITS CATCHMENT AREA MALL ANCHORED BY TUSKYS SUPERMARKET MALL WITH EXCELLENT VISIBILITY ON
MOMBASA ROAD
30,000 sq m of retail space and is being
developed by Azalea Holdings, a consortium
of local investors.
is understood to be poised to acquire Africa’s Massmart, made its Kenyan debut the difficulty of sourcing appropriate local established centres are in the process of
Nairobi’s newest malls have leased well and
Greenspan Mall in Donholm Estate. in 2015 as one of the anchor stores at partners is regularly cited as a major expanding or refurbishing as they seek to
the rents that they have achieved compare
Garden City Mall. obstacle to market entry. There are only protect their market share. These include
favourably with the city’s more established The Kenyan retail market remains
a small number of local firms with the the Sarit Centre, where there are plans for
centres. Among the new projects, there is a dominated by local operators, despite Retailers from outside of Africa are taking
a growing interest in Kenya, and the most expertise to partner with international an additional 23,000 sq m of retail space.
clear trend towards mixed-use, rather than growing interest from international chains.
pure retail, development as office, residential high profile imminent market entrant is retailers, with the most prominent being
The market leader is Nakumatt, which has Despite the high levels of recent
and leisure facilities have been incorporated the French supermarket chain Carrefour, Deacons, which operates brands such
more than 20 supermarkets in Nairobi, construction activity, there are still
into schemes. which will be an anchor tenant at both as Adidas, Mr Price and Bossini in Kenya.
while other major players include Tuskys, opportunities for the development of
Two Rivers and The Hub. The Turkish Security concerns and the recent volatility
Aside from Actis, most of the developers Naivas and Uchumi. Largely due to the well-located, well-positioned malls across
fashion retailer LC Waikiki will also be of currency markets have also contributed
and landlords of Nairobi’s shopping centres strength of the local competition, South Nairobi. Several neighbourhoods remain
entering the Kenyan market by opening to a number of international retailers’
are local Kenyan property owners. However, African chains have been relatively slow undersupplied for shopping centre
a store at Two Rivers. decisions to put their market entry on hold.
reflecting a trend seen elsewhere in Africa, to enter the Kenyan market in comparison space and retail demand will continue
there is growing interest in the market with some other Sub-Saharan countries. Other international retailers are known In the face of increased competition from to be driven by the growth of Nairobi’s
Garden City Mall
from South African investors, and Stanlib However, Game, operated by South to be considering entering Kenya but Nairobi’s new malls, some of the city’s consumer classes.
10 11COMMERCIAL BRIEFING
For the latest news, views and analysis
of the commercial property market, visit
knightfrankblog.com/commercial-briefing/
KNIGHT FRANK AFRICA
Peter Welborn
Managing Director, Africa
+44 20 7861 1200
peter.welborn@knightfrank.com
INTERNATIONAL RESEARCH
Matthew Colbourne
Associate, International Research
+44 20 7861 1238
matthew.colbourne@knightfrank.com
Important Notice
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published for general information only and
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