Forest Mall, in a move that is set to shake the retail and commercial property market in Kampala, announced that it has slashed its rental prices with a new asking price of USD 10 per square meter inclusive of service charge for selected retail and commercial spaces.
“The move is strategic as we aim to breathe a new lease of life into Forest Mall which has undoubtedly the best capacity to trade in both the short to the long term” said Marc du Toit, Head of Retail for Knight Frank Uganda.
Forest Mall, which is now let and managed by Knight Frank Uganda, the world’s leading independent real estate consultancy firm, has an array of both commercial and retail space available in the development.
Based on the Knight Frank Africa Report 2015 over the next five years, 13 of the 20 fastest-growing economies in the world are forecast to be in Africa, one of which is Uganda.
In addition the rise of the urban middle class is encouraging modern retail development in many of the continent’s major cities. Whereas Forest Mall is not new to Kampala the management of Knight Frank Uganda brings in a new dimension to the property that has the capacity to excel in a very well positioned node.
With prime office and retail rents in Kampala being between $12 and $60 per m² this offer for selected space inclusive of service charge offers a bright ray of hope to many Ugandan retailers and businesses.