tawandamusarurwa
Online Reporter
Demand for office space in the central business district (CBD) has remained constrained, listed property firm Mashonaland Holdings has said.
In recent years, a number of businesses have opted to shift their operations from the CBD to properties in nearby residential areas.
The property firm, however, said other property niches had recorded improvement in demand over the past 12 months.
“The property market remains susceptible to low demand for space particularly in the CBD office sector due to low economic activity,” said Mashonaland Holdings.
“The market has however recorded improvements in occupancies for the
retail sector as the economy mirrors its retail concentration.
“The industrial sector has remained resilient with average yields of 8 percent across the market as well as occupancies above 90 percent.”
On the supply side, the residential sub-sector continues to attract new development activity due to the high demand for residential space, said Mashonaland Holdings.
Meanwhile, the firm said its Mashview Gardens cluster project in Bluffhill, Harare will deliver its first batch of houses in the first quarter of next year.
Online Reporter