Côte D'ivoire
Owner occupation is growing in popularity in Abidjan’s office market, mirroring the behaviour in the industrial sector. In the residential market, developers have a renewed focus on high-quality build-to-rent homes in response to rising demand.
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Increased demand for ESG-compliant offices
The Abidjan office market has limited availability, with vacancy rates of less than 5%. Notably, a significant portion of existing space is considered to be of a low quality. Development is typically small-scale, with most new buildings ranging from 6,000-8,000 sqm and often incorporating retail or residential components. These offices are designed for multiple tenants, offering self-contained units of 100-500 sqm.
There is also a growing trend towards owner-occupation, such as the 64-storey Tour F by PFO Africa/Besix, which has been developed for the exclusive use of the government.
Additionally, there is a growing emphasis on sustainability requirements among occupiers, with developers responding by offering new offices featuring green accreditation.
Well-developed retail market
The retail market in Abidjan stands out as significantly more developed than other Francophone West African markets. New shopping malls have emerged across established areas of the city, except in the Plateau CBD, where retail development is hindered by exceedingly high land values.
As the city continues to expand, opportunities for retail growth will likely arise in new neighbourhoods, with a clear gap in retail offerings for consumers in the low-mid income bracket.
A segment within the retail landscape that is rapidly evolving is the supermarket sector. Vigorous competition exists between key local supermarket player Prosuma and major international entrant Carrefour/CFAO, which is underpinning quality, variety, and pricing enhancements within the sector, with consumers emerging as the key beneficiaries.
New industrial development is focused on PK24
The traditional industrial zones at locations such as Vridi, Koumassi, and Yopougon are largely fully complete, with minimal space available. The industrial market is defined by owner-occupation, rather than speculative development for lease.
Much of the- development activity is taking place to the north of the city around PK24, where Agility, for instance, has developed Agility Logistics Park, which contains 27,000 sqm of warehousing and is anchored by CDCI, Cote d'Ivoire's largest retailer.
Elsewhere and in close proximity to PK24, TRCI has successfully sold over 100 hectares of land for industrial development, demonstrating the depth of demand for industrial assets.
Significant residential development
There continues to be strong demand for well-specified homes in Abidjan’s residential leasing market. The top end of the leasing market is focused on Marcory, Cocody, and the Rivieras (with some high-end urban development in Plateau).
Major schemes contributing to the build-to-rent supply are the Akwaba project and Teyliom's Waterfront, both of which are expected to add 150 residential units to Abidjan’s residential leasing supply upon completion.
Mid-market build to rent schemes are also rising in number, as evidenced by developments such as Eco-Cité's Esperance (1,500 lot units) and Adoha's Green City (6,271 units), both of which are expected to be completed in stages over the next 10 years.