Broll tenant handbook 2014 launched
Category General News
Real estate markets in some Sub-Saharan African countries are far less sophisticated than others, as a result, leasing and formal practises tend to vary from one market to another.
According to Daniella Gaspar, Broll Property Group Researcher, the Broll Tenant Handbook comes after months of consultations with Broll commercial property experts in Ghana, Kenya, Madagascar, Malawi, Mauritius, Namibia, Nigeria, Rwanda, South Africa and Zambia.
You can download the full Broll Tenant Handbook from the link below.
Gaspar explains that the Tenant Handbook is a guide for tenants looking to rent industrial, retail and office property in the abovementioned countries.
Expect to find information on lease terms, break clauses, building naming and signage, measurements of rentable area, rentals and when these are payable, operating and utility costs, tenant deposits, fit-out information, tenants responsibilities and much more.
Importantly, she notes that lease terms vary per country as well as per sector while in some countries, lease terms are quite similar if not the same across all three sectors.
Annual rental escalations are generally the norm, however in countries such as Rwanda in East Africa rentals are reviewed upon lease renewal, she points out.
No African country is a replica of the next, and so lease specifics vary from country to country and from landlord to landlord, what may be common practice is one market or even in one building is not necessarily the same in another.
Building classifications are not very formal in most countries, as such, what is considered prime in one country may not be necessarily so in another, and this should be taken into account when trying to compare one country to another and the type of building classification a tenant is looking to rent.
Transparency is limited across most of Sub-Saharan Africa, with formal statistics and information regarding the real estate market being rarely available.
However, a wealth of information does exist, its just a matter of working closely with the people on the ground as they have intimate knowledge of the markets, she says.
This is also an area where Broll has a competitive advantage over its peers, being one of Africas leading commercial property services company and winner of 6 international awards from Euromoney Real Estate Awards 2014. Broll has operations in 15 countries and 17 offices in Africa with further expansion plans.