Casablanca’s commercial sector showed signs of improvement in the first half of the year in 2018, reveals JLL’s (ir.JLL.com) latest Casablanca H1 Real Estate Overview Report. The positive sentiment in the market was strengthened by the successful capital raising by Immorente Invest (the first and unique investment company established in the form of a REIT) that raised 400 Million Moroccan Dirhams to fund further investments. According to the report, a few commercial buildings were completed in the first half of 2018, increasing the total office supply to about 1.74 million sq m of Gross Leasable Area (GLA). The average rents have slightly increased over the first half of the year, while vacancies in prime office buildings and integrated office parks have remained low. The report also predicts sales and transactions to grow in the commercial sector with a particular focus on income generating assets. Tenants from the commercial sector continue to report a shortage of quality office space, resulting in an increase in demand for high-quality office space in Casablanca. This trend becomes evident as employees increasingly seek to improve the welfare and performance of their employees” said Craig Plumb, Head of Research for MENA at JLL. “Additional office… Read full this story
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