非洲报告-2026 2027 2026 2027，第七版

WELC OME C O N T E N T S NUMBERS YOU NEED TO KNOW Managing Director, Knight Frank Middle East and Africa MARKET INSIGHTS Welcome to this year’s edition of theAfrica Report 2026/27.As we launch this publication,we remain firmly optimistic about the trajectory of real estate markets across the continent. Africa capital marketsAfrica’s uneven recovery and the real estate From projects to platforms: How Africa’s realestate markets are maturing While performance continues to vary across sectors, aclear theme emerges: Africa’s real estate landscape istransitioning into a more selective, performance-driven power and the continued dominance of informal retaillimiting growth in markets such as Ethiopia, Mozambique,and Tunisia. Data centres: New real estate asset class of choice The residential rental sector continues to demonstrateresilience, particularly at the prime end, where demandfrom expatriates and the buy-to-let diaspora communityremains strong. The short-let and holiday homes marketis also expanding rapidly, supported by tourism, businesstravel, and cross-border investment flows. Nevertheless,affordability constraints remain a defining challenge COUNTRY FOCUS The industrial and logistics sector stands out as thestrongest-performing asset class across the continent.Markets such as the Democratic Republic of Congoand Uganda are delivering prime yields of up to 13%,followed by Zambia (12.5%), Malawi (11%), and Tanzania(10%). This performance is being driven by sustained BotswanaCameroonCôte d’IvoireDemocratic Republic of CongoEgyptEthiopiaGhanaKenyaMalawiMauritiusMoroccoMozambiqueNigeriaSenegal Looking ahead, success in Africa’s real estate sector willincreasingly be defined by the ability to deliver quality,flexibility, and sector-specific expertise. Whether throughESG-compliant prime office developments, convenience- In contrast, the office sector presents a more nuancedpicture. A persistent undersupply of Grade A office spacein key markets continues to drive rental growth at the primeend, with monthly rents reaching US$ 55 psm in Nigeriaand US$ 35 psm in Côte d’Ivoire and Egypt. Demandremains concentrated among multinational occupiers This year’sAfrica Reportprovides in-depth coverageof 20 African markets, along with a series of thematicinsights from our experts that examine the most pressing I invite you to explore our market-leading research andwelcome the opportunity to discuss our findings with youin more detail. Retail markets are undergoing a structural shift towardsconvenience-led formats, reflecting evolving consumerbehaviour. Across many African markets, retailers areincreasingly prioritising proximity-based, neighbourhoodretail in response to rising transport costs and constrained MONTHLY RENTS AT A GLANCE KNIGHT FRANK IN THE MIDDLEEAST AND AFRICA DISCOVER THE AFRICAREPORT 2026/27 NUMBERS YOU NEED TO KNOW TOP 3 PRIME RENTS PER SECTOR (US$/PSM/MONTH) E X P E R TI N S I G H TAFRICA CAPITAL MARKETS Is industrial set to replace offices as the investment sector of choice? BY BEN WOODHAMS, PARTNER, AFRICA DESK & CHAIR OF CAPITAL MARKETS COUNCIL developments away from the old industrial centres in newnodes linked to recently developed road and rail networks. Offices have traditionally been the favourite sector for institutional investors looking todiversify their investments into real estate, benefiting from long leases that provide a bufferto otherwise volatile markets. These large, secure assets generate a guaranteed and steadyreturn in hard currency, providing a hedge against devaluing local currencies, whilst at The Industrial sector as aninvestment alternative Conversely, demand for industrial space is on theincrease, as a result of changes in retail habits and newoccupier demand entering the sector. The increase inonline consumer spending has driven a rise in demand Looking at the table at the end of this report, we can see theaverage yield for office space at 8.9%, with industrial at over10% and as high as 13% in the DRC and Uganda, reflectinghigher returns in the sector, although the case for investing in The futureIt is true to say that the office sector is currently facing In addition, as can be seen in the article overleaf, there hasbeen a substantial increase in demand for data centres,housed in a new breed of industrial buildings, to copewith the increase in demand for processing power, drivenby smartphone penetration and the uptake in the use ofArtificial Intelligence. Added to this is the demand from a UK and members of the EU community, have reduced theamount of foreign aid being sent to the continent. Asidefrom the direct impact that this has had on the work beingcarried out by the donor community in Africa, a secondaryimpact has been the exodus of NGOs and other recipientsof this funding, which has led to a dramatic increase in The asset class has come under pressure in recent years,however, both from challenges within the sector itself andalso from c