The Connect Q4 Report
The office markets in the seven cities of the country exhibit exuberance as they posted absorption of 52.8 million sqft of office space in 2022, surpassing that of the previous year’s figure by a whopping 33%. This resurgence in absorption is largely attributed to positive expectations emanating from the increased return of employees to work, prompting renewals of existing spaces and review of postponed growth plans.
Going forward, the sector is expected to strengthen further, with increased demand envisaged from start-ups and SMEs.
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