Multi-million companies and billionaires are increasingly settling in Westlands for homes and offices as compared to Mombasa Road and Upper Hill as was previously witnessed.
According to the real estate company, Knight Frank, the area along Waiyaki Way and 20 minutes from the Central Business District (CBD) offers billionaires high-end homes and office spaces given the infrastructural development in the estate.
The main drive behind the move has been the demand for Grade A offices - spacious office outlets with ultra-modern amenities.
"Grade A offices have experienced increased demand from ICT-oriented enterprises, Non - Governmental Organisations (NGOs), and multinational corporations (MNCs)
"In Nairobi, Westlands remains the most sought-after office location as it has the largest share of A-grade commercial offices
compared to other competing nodes such as Upperhill, Kilimani, and Mombasa Road," read the Africa Offices Dashboard report.
On the other hand, the real estate firm in its 2023 Wealth Report, noted that the super-rich with a net worth of Ksh3 billion was increasingly investing in residential and commercial outlets.
This move has seen prices of homes, apartments and office spaces rise by 3.8 per cent.
Notably, Kenya beat other African countries in areas where wealthy Africans seeking to buy homes. Kenya was in position two after the United Kingdom.
In the report, it was detailed that the billionaires considered various factors when investing in real estate under the Environmental, social, and Governance (ESG) model.
Energy Sources, Materials Used and Embodied Carbon Footprint
Among the key factors the rich have considered before making investments is the type of energy sources of various buildings.
Given the growing concern about climate change, a majority of investors are seeking buildings using renewable energy through technologies that save electricity.
In this regard, as witnessed a number of buildings in Westlands, property developers have opted for glass buildings rather than using stones and concrete for walls.
This allows occupants to use sunlight during the day and only use electricity for lighting at night.
Opportunity for Refurbishments
With the preference for bigger office spaces, Westlands which hosts a number of Grade A office spaces have offered the tenants large spaces that they can be able to refurbish to meet their taste.
In the event that they seek to sell the property, they also get a high return given the refurbishment done on the buildings.
Accessibility and social impact
Another factor why Westlands is becoming lucrative is because it is accessible given the infrastructure in the area.
Given the completion of the Nairobi Expressway, residents and workers in Westlands can access key places such as Mombasa Road and the Jomo Kenyatta International Airport(JKIA) within a short time.
Nairobi Expressway is a 27-kilometre highway that was officially launched by President Uhuru Kenyatta in July 2022. Its construction was aimed at enabling motorists to beat traffic occasionally witnessed on Mombasa Road.
