Several major mall construction projects are scheduled for completion in 2023, including prime locations in Nairobi and the neighboring Machakos county. With the most established malls recording occupancy rates of over 90% in H2 2022, the prime retail space remains attractive to real estate investors despite shifting market trends.
“The general performance and supply of malls in Kenya has been on the decline with the
focus shifting to convenience centres that are closer to residential neighbourhoods,” Knight Frank observed in its H2 2022 report.
“As much as the location of retail properties is very critical, tenant placement strategies, of which investors often overlook leading to poor performance of such retail outlets, are indispensable – hence the need for mall owners to hire professional managers as early as
during the design stages,” it advised.
Here, Business Today looks at six of the largest malls opening their doors in 2023.
Business Bay Square Mall – Eastleigh, Nairobi
At 333,000 square feet, Business Bay Square Mall in Eastleigh, Nairobi will be one of the largest malls in the country. It is located opposite Pumwani Hospital and is scheduled to open in February 2023.
Crystal Rivers Mall – Mavoko, Machakos County
The size of Crystal Rivers Mall will be approximately 215,000 square feet. Located along Mombasa Road in Athi River, Machakos County, it is also scheduled for completion in 2023. The development also includes townhouses and apartments.
Global Trade Centre Mall – Westlands, Nairobi
Official commencement of operations at Global Trade Centre (GTC) mall in Westlands, Nairobi is scheduled for the second quarter of 2023. The shopping centre is part of the larger GTC development. Its size is around 124,000 square feet.
The Cove – Gitanga Road, Nairobi
The Cove on Gitanga Road, Nairobi has an approximate size of 50,000 square feet. The mall will be eyeing Nairobians in the affluent Lavington, Kilimani and Kileleshwa areas with its lifestyle and business offering.
Lana Plaza – Oloitoktok Road, Nairobi
Lana Plaza will also have an approximate size of 50,000 square feet on Oloitoktok road, Nairobi. The mixed use development features a 16-storey high-rise structure hosting commercial spaces on the first four floors.
Park Place Avenue – Parklands, Nairobi
Park Place Avenue in Parklands, Nairobi will have a size of 23,600 square feet. The development is located at the intersection of 2nd Parklands Avenue and Limuru Road.