Office space glut: Players see earliest recovery in 2025 on harsh economy

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The prime asking rent for Grade A offices remained unchanged at Sh192 per square foot. PHOTO | SHUTTERSTOCK

Something is happening in the commercial office space market, and it is not rosy.

A combination of an oversupply of commercial rental space, changing working arrangements where employees are free to work from home and the harsh economic conditions where companies are scaling down on office space expenditure is witnessing empty units for days on end, low or no sales of office space and a significant reduction in rental returns.

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