Investors are turning their attention to refurbishing older commercial buildings as environmental, social and governance considerations drive investment decisions in Kenya’s commercial property market, according to Knight Frank Kenya’s Wealth & Investment Trends Report 2026.
Rather than focusing solely on acquiring new developments, investors are identifying opportunities to upgrade existing office and commercial assets through energy efficient improvements, renewable energy integration and sustainable building enhancements. The report finds that 38% of respondents said their clients are targeting underperforming commercial properties for refurbishment while maintaining their existing use, signalling a growing preference for improving asset quality and long term resilience.
“Commercial property is entering a new phase where value is increasingly created through thoughtful refurbishment,” says Mr Boniface Abudho, Research Analyst, Knight Frank Africa. “Investors recognise that improving the environmental performance of existing buildings not only extends their useful life but also enhances competitiveness in a market where occupiers are demanding higher quality space.”
The findings also show that sustainability is becoming central to investment decisions. Seventy five percent of respondents cited renewable energy as a leading consideration when assessing commercial property, while green building certifications continue to gain importance among investors seeking future ready assets.
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“Refurbishment is no longer simply about aesthetics,” said Mark Dunford, CEO of Knight Frank Kenya. “It is about reducing operating costs, improving energy efficiency and ensuring buildings remain attractive to tenants and investors in an increasingly competitive market.”
Knight Frank notes that older commercial buildings present significant opportunities for landlords willing to modernise assets through improved energy systems, better building management technologies and upgraded occupier amenities. Such investments can help protect long term asset values while supporting broader sustainability objectives. “The buildings that perform best over the coming years will be those that adapt to changing occupier expectations. Investors who enhance existing assets today are positioning themselves for stronger performance tomorrow,” Mr Dunford said.
Mr Abudho said Kenya’s commercial property sector is evolving. Refurbishment demonstrates that sustainable investment can deliver both environmental benefits and sound commercial returns without fundamentally changing a building’s purpose, he said.
The Wealth & Investment Trends Report 2026 highlights that ESG is increasingly influencing how investors allocate capital, reinforcing a broader shift towards resilient, efficient and future focused commercial real estate.
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