Owners of shopping malls are set to lower their rents as increased supply of the commercial properties escalates competition for tenants, according to players in the industry.
Malls in Nairobi, where quality properties are currently charging monthly average rents of between $32.5 (Sh3,250) and $48 (Sh4,800) per square metre, are facing the highest pressure to reduce their lease fees as more properties are opened.
