by jbs122909 d3 — January 1, 2010—Jones Lang LaSalle announced in December that it is opening a full-service real estate operation in Cairo during the first quarter of 2010. The announcement was made at the 4th Annual Cairo Investment Forum in Cairo, during which the firm also released a strategic research report, Cairo: Open for Global Business.
“Cairo is becoming an international real estate market and is emerging on the radar screen of an increasing number of regional and global developers, investors and occupiers,” said Thierry Lou, CEO of Jones Lang LaSalle MENA. “The key markets in Cairo are driven by ‘end user’ demand rather than speculative development. As the Cairo market is largely cash driven, it has experienced much lower levels of debt that in many other cities in the region. It is therefore more stable with greater prospects for sustained growth than many of its peer cities.”
Highlights of Cairo: Open for Global Business include:
The fragmented office market provides significant opportunities for purpose-built international quality office buildings with demand from international occupiers;
The hospitality and tourism sectors driven by new investment are expected to record an important increase in both international and regional tourists; and
Cairo remains a market with more demand than supply for new, high-quality retail development and is significantly under-served as compared with competing markets for modern, professionally managed retail offerings.
