Kenya Retail Properties market Report 2021

According to Cytons Kenya Retail Report 2021, the average rent/SQFT for Thika Road is Kshs 158.0 which is 6.0% lower than the market average of Kshs 168.0 implying affordability, hence the basis for investing along the area.

The table below shows the submarket performance in the Nairobi Metropolitan Area (NMA);

Nairobi Metropolitan Area (NMA) Sub Market Performance
Area Rent (Kshs)/SQFT 2021 Occupancy % 2021 Rental Yield 2021
Westlands 209 80.4% 9.7%
Karen 214 80.8% 9.4%
Kilimani 172 83.6% 9.0%
Ngong Road 175 78.0% 7.8%
Kiambu road 178 70.4% 7.2%
Thika Road 158 74.2% 6.7%
Satellite towns 138 72.2% 6.1%
Mombasa road 136 70.5% 6.0%
Eastlands 135 72.5% 5.9%
Average 168 75.8% 7.5%

Source: Cytonn Research 2021

The retail sector is expected to be supported by expansion activities by the various retailers in an aim to increase their footprint and tap into extra markets by taking up spaces previously occupied by troubled retailers such as Tuskys. The rise of e-commerce market trend through online sales and deliveries is also expected to boost revenues for retailers in the country going forward. The retail sector performance is however expected to be weighed down factors such as oversupply with areas such as Nairobi, Kisumu, Uasin Gishu and Nakuru being the most oversupplied at by 3.0 mn, 0.3 mn, 0.1 mn and 0.1 mn SQFT of space as at 2021 and financial constraints limiting expansion.

According to the report, the local supermarkets still hold the highest number of branches led by Naivas at 69 branches followed by Quickmart at 37 branches. The report featured the top 10 supermarkets which include Naivas, Quick Mart, Chandarana Foodplus, Carrefour, Cleanshelf, Tuskys, Game, Uchumi, Choppies, and ShopRite. The retail stores that were most affected by the effects of Covid-19 pandemic are Nakumatt which had 65 branches and now with no branch, Uchumi which had 37 branches and now 2 branches, and Tuskys which had 64 branches and now has 3 branches. As at early year 2020, there were a total of 334 supermarkets branches as compared to only 177 branches as at August 2021.

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