Kenya’s tallest building, the UAP-Old Mutual Tower is largely unoccupied.
At 163 metres height, the 33-storey tower in Nairobi’s fast growing Upper Hill commercial district towers over buildings that define Nairobi’s skyline.
According to the UAP-Old Mutual Group CEO Peter Mwangi, the tower’s current occupancy rate stands at more than 35% but they are eyeing full occupancy by April 2018.
“We seek to achieve full occupation by end of next year. UAP-Old Mutual itself is in the process of relocating all offices to the tower," he revealed.
Mr Mwangi said UAP is also in advanced talks with other interested tenants to take up the remaining offices whose minimum space offering is capped at 3,000 square feet.
“The high levels of new supply of commercial office space have negatively affected rental levels and occupancy rates,” Knight Frank (a leading real estate consultancy firm) recently said.
The tower officially opened doors for business in July 2016 after construction that took over five years at an estimated cost of Sh5 Billion.