Article Published by ASSET MAGAZINE

Across sub-Saharan Africa, the commercial real estate sector is finding its rhythm again. After years of disruption from the pandemic and tighter global finance, markets in both East and West Africa are showing cautious but steady recovery. Industrial and logistics assets continue to lead, powered by e-commerce, manufacturing and trade, while office and retail sectors are adjusting to new work and spending patterns. Despite economic headwinds, investors and occupiers are rediscovering confidence in Africa’s urban growth story.

To explore how this momentum is unfolding, Assetspoke to three of Broll’s senior executives with a continent-wide view: Group CEO Malcolm Horne, Tony Sekyere, CEO of Broll Ghana, and Moses Lutalo, who leads Broll Uganda. Their insights reveal how regional variation, local partnerships and long-term conviction are reshaping Africa’s real estate landscape - and Broll’s role within it.

A proudly African platform

Few companies have played a more consistent role in professionalising Africa’s commercial real estate sector than Broll. With the aim of bringing structure and credibility to emerging property markets, the company has evolved from a management-focused enterprise into one of the continent’s largest full-service property platforms.

“Our approach has been about building a professional property services business across the continent,” says Malcolm. “We took international best practice and adapted it to African realities, at the same time developing local teams with deep market knowledge. That balance is what makes us different.”

Broll’s footprint now extends through more than a dozen countries, many of them operating for two decades or more. Malcolm points to the group’s data-rich understanding of how local markets behave, and the importance of growing indigenous talent. “We’ve been deliberate in developing local leadership,” he says. “We align with local strategies and governments, we create jobs and we stay invested. We’re proudly African but we benchmark ourselves against the best globally.”

Markets in motion

Both East and West Africa have endured a volatile five years, but the recovery now taking shape is generating fresh optimism. Tony, who leads Broll’s operations in Ghana, describes the current period as one of renewal and reinvention.

“The Covid-19 pandemic took a heavy toll on the market, especially retail and hospitality,” he says. “But it also forced us to innovate. We’re looking at how to repurpose space, bring convenience and mixed-use closer to where people work, and stay relevant to occupiers’ changing needs.” Hybrid work has redefined the office sector, driving landlords to rethink their offerings. “We’ve also seen growing momentum in sectors like student housing and data centres,” Tony adds.

Moses observes a similar trend of adaptation rather than retreat in East Africa. “Nairobi is the barometer for our region, and it’s shown steady recovery,” he says. “We’re seeing growth in infrastructure-linked development, especially housing, logistics and fintech-related projects. Kenya’s economy has stabilised, and countries like Uganda and Rwanda are following with new opportunities emerging from infrastructure and energy investments.”

Macro-economic headwinds and renewed confidence

Currency fluctuations, inflation and lending constraints have all shaped the property cycle, but there are signs of improvement. Tony notes that relative stability in the first half of 2025 has prompted renewed investor enquiries. “We’ve seen increasing requests for market research and valuations,” he says. “That’s often the first signal that a market is moving into recovery.”

In Ghana and Nigeria, the business process outsourcing (BPO) sector is also driving demand. “We’re seeing interest from global operators looking to relocate from India or the Philippines,” Tony explains. “The enabling environment here is attractive, and we want to position ourselves as partners for those companies.”

In East Africa, macro-economic conditions have been more benign. “Uganda and Rwanda have maintained stable inflation and interest rates,” says Moses. “That stability gives confidence to lenders and allows capital to flow into real estate. Our focus now is to help clients channel that liquidity into the right opportunities.”

Malcolm confirms that these shifts are translating into tangible business growth. “Both our East and West African operations had some of their best years recently,” he says. “You can feel the momentum in the numbers and in the deals being closed. It’s not just sentiment - it’s activity on the ground.”

New frontiers and untapped potential

Beyond the established hubs, Broll is looking to frontier markets where growth is accelerating. Francophone West Africa, says Tony, is a case in point. “Côte d’Ivoire and Senegal are buzzing. Abidjan has 95% occupancy and a skyline full of cranes. There’s genuine speculative development happening.”

Further east, Ethiopia’s opening economy has attracted attention. “Addis Ababa is a gem waiting to be unlocked,” says Malcolm. “The fundamentals - population, GDP and location - make it one of the most exciting prospects on the continent.”

Moses agrees that regional diversification is strengthening the overall African investment story. “As more markets mature, investors have options,” he says. “That spreads risk and gives the continent greater resilience.”

Technology and the drive for efficiency

Broll’s digital transformation - from facilities management systems to AI-assisted property transactions - reflects a strategic shift toward efficiency, transparency and data-led decision-making. “We’ve always been at the forefront of technology,” says Tony. “Our clients, especially multinationals, want to access performance data at the touch of a button. We’ve invested heavily in platforms that deliver instant insights and keep us ahead of the curve.”

In residential brokerage, the company is experimenting with online systems that can match properties and tenants globally, while in facilities management it is leveraging smart monitoring tools to optimise maintenance schedules and energy use.

Partnering with governments and shaping regulation

One of Broll’s distinguishing characteristics is its proactive engagement with the public sector. The company has long advocated for stronger regulation and transparent valuation frameworks across Africa’s property markets. “In many countries, the legal frameworks governing real estate are outdated,” says Moses. “We’ve made it our business to be part of the reform process.”

By contributing expertise to government processes, Broll aims to raise professional standards and attract more institutional capital into African property. “We see ourselves as thought leaders,” Moses continues. “If real estate is well regulated, it becomes more transparent, and that brings investment and jobs.”

In West Africa, Tony highlights growing collaboration through public-private partnerships. “We’re advising governments on unlocking value from underperforming assets,” he says. “By bringing innovation into how these assets are managed, we open new revenue streams and make the business more resilient to market cycles.”

Building Africa’s next generation of property professionals

For a service-based business, Broll’s most important asset is its people. “In this industry, our people are our capital,” says Tony. “We’ve run a graduate training scheme in Ghana for nearly a decade, partnering with universities to identify top students and bring them in through internships and management programmes.”

In East Africa, Broll draws on the wider group’s technical depth to build capacity. “We bring in experts from South Africa to train our teams,” says Moses. “It’s not just about theory but hands-on learning - how to run condition audits, how to manage preventive maintenance. It’s about aligning with global standards while developing local competence.”

Malcolm adds that Broll’s investment in people mirrors the structure of a listed company, with a strong executive leadership team, development plans and succession pathways. “We want to be a receptor of talent across Africa. Tony and Moses are both examples of that philosophy in action,” he says.

Cross-border collaboration and continental scale

Cross-regional collaboration has become a defining feature of Broll’s model, as many multinational clients now manage portfolios that span several African markets and expect seamless service across borders. “It’s critical that we deliver consistent quality across the market,” says Tony. “Different countries have different strengths, but when we integrate those capabilities, we offer a complete solution.” Moses agrees. “Clients want one trusted partner who understands their needs everywhere. That’s where we’re positioning ourselves.”

According to Malcolm, this integrated approach gives Broll a competitive edge. “We’re winning multi-geography mandates because we combine local knowledge with regional scale,” he says. “Clients see that we can deliver seamlessly across diverse markets.”

Africa’s moment

Despite the challenges, Broll’s leadership remains upbeat about the continent’s trajectory. Africa’s demographics alone, Tony argues, make it one of the world’s strongest long-term investment stories. “Within five years, 60% of Africans will be under 25,” he says. “That working population brings spending power, housing demand and the need for infrastructure.”

Moses adds that investors’ perception of risk needs to evolve. “Africa isn’t as risky as many think - risk can be understood and managed,” he says. “The key is partnering with people who know the landscape. That’s where Broll adds value.”

Malcolm believes regional investors will increasingly drive growth alongside international capital. “We’re seeing more homegrown players expanding across borders,” he says. “They understand the continent, they’re attracting new capital and building momentum.” He also notes the growing influence of Eastern economies. “China and other Asian markets are positioning strategically in Africa - in rail, energy and manufacturing,” he says. “They recognise the potential and are seeking reliable partners.”

For Broll, the story of African real estate is still being written - but the direction is clear. The company’s expanding footprint, data-driven approach and focus on local empowerment place it at the centre of a continent in motion.

“If Africa can get a fair run - stronger GDP growth and more stable policies - the opportunities are enormous,” says Malcolm. “You have to play the long game, but the fundamentals are there.” Tony sums it up: “We’re open for business, and Africa is too.”