Over 80,000 sq. m. of floorspace was delivered in Q2 2022, which brought Cairo’s total office stock to around 1.8 million sq. m. In the second half of this year, almost 170,000 sq. m. of office gross leasable area (GLA) is scheduled to be completed. While the second quarter saw a notable increase in enquiries for office floorspace in the capital, only a small proportion materialised into transactions. This can primarily be attributed to uncertainty stemming from the recent devaluation of the Egyptian pound and inflationary pressures, which is leading to landlords hiking rents. Historically, some property owners have tended to employ strategies – such as raising rents – to help manage cash flow & liquidity issues during challenging economic conditions to help sustain their business activities and we witnessed similar behaviour being exhibited in Q2.