The Middle East’s real estate services provider Savills revealed that Cairo’s real estate market is continuing its rapid growth, driven by the improving macro-economic situation on the back of the recent policy measures, Invest-Gate reports.

Implementation of big real estate projects has been boosting economic expansion and driving demand for Grade A office projects, Savills noted in its latest report on the Egyptian market analyzing the Cairo Metropolitan Area (CMA) office market for H1 2019.

Savills’ Head of Egypt Catesby Langer-Paget said, “As the Egypt’s macro-economic situation continues to improve on account of prudent policy measures, our recent research shows that the demand for office space in Cairo has increased, driven by a mix of relocation, expansion and expansion led consolidation exercise.

The property agent noticed that the is a systematic shift of tenants towards modern speculative and purpose-built developments across New Cairo in the east and Sheikh Zayed City in the west.

Demand is also driven by new market entrants – both domestic and global – along with expansion and consolidation exercise.

The city’s strong demographic vantage in terms of young, educated and comparatively low-cost workforce and a further improvement in global investor confidence towards the economy in the medium-to-long term will continue to drive demand for office real estate in the city.

Savills’ Head of Egypt noted that there is a strong interest from the pharmaceutical sector, technology, banking and financial services and media firms to occupy Grade A space within the city.

In this regard, Langer-Paget expected around 155,500 square meters of Grade A space to be handed over across key areas such as New Cairo and Nasr City over the next six months.