The rise of future cities in Sub-Saharan Africa
The JLL research report Globalisation and Competition: The New World Cities defines emerging world cities as business and political capitals of large or medium-sized emerging economies that function as gateways for international firms, trade and investment.
According to JLL’s Chinwe Ajene-Sagna, Corporate Solutions West Africa, some of the key characteristics of these cities include rapid urbanisation, infrastructure development, increase in FDI’s, young and growing population, to name a few. One of the hubs worth mentioning, says Ajene-Sagna, is Lagos, the economic capital of Nigeria and home to 21 million people, behind Cairo and the Republic of Congo.
Recently the greater Lagos island skyline has become lined with a number of iconic class A office and mixed-use building projects built by reputable international developers and private equity firms.
All together over 30 projects representing over 150,000 sqm of office stock is expected in the market over the next 12-24 months. Unfortunately the city is currently being impacted by the oil crisis that has seen prices drop to 12 year lows. This together with the currency woes and acute FX shortage has greatly affected the take-up of these new developments, although recovery is expected in 2017.
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