The commercial real estate market posted a standout performance in 2023, with 75% of all its listed properties, recorded as sold that year — according to the Economic Survey 2025.
- •The highest rental demand was seen in malls (100% uptake) and retail premises (98.3%).
- •Monthly commercial rents ranged from KSh 150 per square foot for special-purpose spaces to KSh 40 for warehousing, with retail units priced at KSh 115, office spaces at KSh 106, and malls at KSh 100 per square.
- •In contrast, only 40% of hotel and hospitality listings found buyers, indicating lingering investor caution in the sector.
The residential market remained strong in 2023, with 88.8% of all listed properties leased. Notably, every 2-bedroom maisonette and 3-bedroom townhouse on offer was rented.
In the rental market, demand remained strong in 2023, with 88.8% of listed units occupied and full uptake of all 2-bedroom maisonettes and 3-bedroom townhouses. Monthly rents peaked at KSh 130,000 for townhouses and bottomed out at KSh 8,500 for studio apartments.
Nairobi’s upper suburbs, including Runda, Karen, and Muthaiga, remain Kenya’s most expensive residential zones, with 3-bedroom bungalows averaging KSh 89.8 million. Upper middle areas like Kilimani and Westlands follow at KSh 34.4 million, while more affordable markets like Machakos offer similar units at just KSh 6 million.
