Office space occupancy falters due to increased supply

Over-supply of office space has led to a marginal decrease in occupancy in the commercial sector. This is according to a real estate review by Cytonn Investments released yesterday that said the segment saw a one per cent decline in 2016 from 89 per cent in 2015.

“Despite the decrease in occupancy, the yields remained attractive at 9.4 per cent driven by demand from growing companies in professional services and global corporations seeking space for regional operations,” the report noted.