Almost 21,000 sq. m. of office gross leasable area (GLA) was delivered in the first quarter of 2023. This brought the total office stock to around 1.9 million sq. m. The following 9 months of the year are expected to see the completion of another 310,000 sq. m. of office floorspace. Looking at last quarter’s performance, average city-wide rents reduced by 1% in annual basis, recording them at USD 358 per sq. m. per annum. However, rents in reality kept soaring when converted to the local currency on the back of the continued depreciation of the Egyptian pound.