Property Valuation simple Process

The decentralised market may be divided into two types of location. Firstly, established areas (Westlands and The Hill) and secondly, emerging concentrations (Muthaiga, Parklands, Waiyaki Way, Hurlingham, Kilimani and Ngong Road). Westlands and The Hill dominate the off- centre market and look set to emerge as the principal private sector office foci of the city.

The Eastern European countries are a key focus of investors in the market at present due to their higher yields, growth prospects and a general downgrading of perceived risk, he says. By sub-market, some 51% (57,350 sq m) of this space was within the CBD, 15% (17,325 sq m) in Westlands and 34% (38,100 sq m) in The Hill area. In the longer term, the Nairobi Racecourse development a 30 acre mixed-use scheme comprising a 22 acre office park (the fi rst of its kind in Kenya) and an 8 acre retail park – will significantly enhance and redefi ne the suburban market, providing a natural destination for occupiers seeking to exit the CBD.

The current office supply figures are however, also somewhat distorted by the Central Bank of Kenya (CBK) development in the CBD. This 40- storey, 36,000 sq m office tower has been under construction for some four years and was originally designed to be the Central Bank’s headquarters. We have the most promising Property valuers in our company who are performing and managing the overall work which is related to do the valuation process.

To be the tallest building in East Africa when completed in late 1998/early 1999, this building is now however, totally surplus to The Bank’s requirements. Renamed Times Tower, it threatened the supply position before being allocated to the Kenya Revenue Authority in late 1997. Times Tower alone accounts for a little over a half of all active office development in the CBD and with the large GPO HQ also nearing completion, points to the down town dominance of Government and Parastatal buildings in the current cycle.