London surveyors body taps Kenyan to oversee continent

The Royal Institute of Chartered Surveyors (Rics) has opened its regional offices in Nairobi and appointed Wafula Nabutola as the new director for sub-Saharan Africa.

The London-based global body for surveyors said Mr Nabutola will operate from Nairobi, the third such office in Africa, and will oversee operations of Rics beginning August 31 this year.

Rics said the main task of the local office will be to introduce internationally accepted measurement standards to the region’s booming construction industry, requirement foreign investors are increasingly demanding.

“Sub-Saharan Africa has many established professional bodies, and they are highly respected. However, RICS presence is more about international reach. In the context of a globalised market, investment capital is increasingly flowing across national boundaries. This creates a worldwide demand for international standards and the professional who can work to them,” said Rics in a statement.

Rics other offices in Accra and Johannesburg serve the west and southern African markets respectively.

Mr Nabutola is former chairman of the Institute of Surveyors of Kenya (ISK), the International Federation of Surveyors and has 30 years of industry experience.

The search for an Africa director was announced in March this year.

Rics is in the meantime working with the ISK to allow members of one body to be recognised by the other body.

Managing director for Europe, Middle East and Africa Mark Walley said international investors are increasingly coming to the booming property market, but some of their biggest concerns are the lack of measurement standards and transparency, which is a continent-wide problem.

“This is a not limited to Kenya but Africa as a whole,” Mr Walley told the Business Daily, adding that international tenants are also looking for properties that have been measured using internationally accepted standards. Rics adds that the rapid urbanisation and the young population is African cities will create one of the biggest opportunities for foreign investors and professionals over the next few decades.

“It (Africa) also has the fastest growing middle class in the world. No one body is able to address all the challenges in the region, so the approach is one of working in collaboration with existing institutions and governments.”

Demand

A commercial property report by MML has noted that the increase in multinational companies choosing Nairobi as either their regional or continent headquarters has increased demand for Grade A office space.

MML said foreign tenants are renting offices that are of the same standards as those in their home counties.

International property consultants JLL on their part have said that the local property market and peer markets in Africa need to increase their levels of transparency.

In mid-2014 JLL ranked Kenya position 55 in transparency, which was an improvement from position 67 in 2013.

The index placed Kenya in the semi-transparent category. Countries are grouped into highly transparent, transparent, semi-transparent, low transparency and opaque.

Participants at the conference said the biggest investment opportunities in Kenya are mainly in infrastructure, energy and retail.