The office sector in Accra remains subdued, following the significant layoffs and space reductions that came with the Covid-19 pandemic. This in turn impacted the sector with vacancy rates remaining high at 20% and 25% in grade A and B offices respectively.

While leasing activity has started to recover with new entrants expected to make a comeback in 2022, the development pipeline remains limited with the current pipeline accounting for only 9% of the current stock.

Of the 39,344 m2 in the development pipeline, 35% of these are actively under construction while 32% are conceptual. Interestingly, a large proportion (33%) of the development pipeline are on hold due to the pandemic impact on the sector.

Still, there were some notable completions in the market  in 2021 such as: Infinity Tower and Cannon House.

On the other hand, some notable projects in the pipeline include;

• Ghana Civil Aviation Authority Headquarters
• Adumuah Place
• Energy Exchange Place Development
• NF Tower
• Petroleum Towers

 

For more information on Accra’s real estate market, you can view our detailed report that highlights different sectors in the market.

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