Broll - Sadc Market Snippet - q1 - 2018 - 1

SADC Market
Snippet Q1: 2018

SADC REGIONAL FOCUS CONTENT
BOTSWANA 4 MOZAMBIQUE 28
Country Facts 4 Country Facts 28
Economic Indicators 5 Economic Indicators 29
Rankings 6 Rankings 30
Retail Market 7 Retail Market 31
Office Market 8 Office Market 32
Industrial Market 9 Industrial Market 33
MADAGASCAR 10 NAMIBIA 34
Rankings 12 Rankings 36
Office Market 14 Office Market 38
Industrial Market 15 Industrial Market 39
MALAWI 16 SOUTH AFRICA 40
Botswana Rankings 18 Rankings 42
Madagascar Office Market 20 Office Market 44
Malawi Industrial Market 21 Industrial Market 45
Mauritius MAURITIUS 22 ZAMBIA 46

Mozambique Economic Indicators 23 Economic Indicators 47
Namibia Rankings 24 Rankings 48
South Africa Office Market 26
Zambia Industrial Market 27
BOTSWANA
COUNTRY FACTS ECONOMIC INDICATORS
English Business language
581,730 Country Size (km2)

Pula (P) Currency
Gaborone Capital City 48 Time to Start a Business (days)
2.4 million Population 27 Registering a Property (days)

1.7% Annual Population Growth
22% Corporate income tax rate (2017)
60.6% Urban Population
3.1% Annual Urban 12% Sales tax (2018)
BOTSWANA
Population Growth
4.3% Real GDP annual growth rate
167.3 Mobile Phones (2018 est.)
(per 100 people) 7,767 Real GDP per capita

(US$, 2018 est.)
25.0 Internet Users
(per 100 people) 2.8% Inflation Rate (March 2018)
5.00% Interest Rate (March 2018)
18.4% Unemployment Rate (2018 est.)
*All figures are 2018 estimates

4 5
BOTSWANA
BOTSWANA
RANKINGS RETAIL MARKET
63 The Global Competitiveness Index 24 - 27 Prime Net Asking Rent

2017 - 2018 (rank/137) (US$/m²/month) (100 - 200m² store)
76 Best Countries for 21 Prime Net Achieving Rent

Business 2017 (rank/153) (US$/m²/month)
61 Corruption perception index 2017 8% - 10% Rent Escalation Rate

(Score; 0=highly corrupt; 100=very clean)
34 Corruption perception
1.6 Operating Costs (US$/m²/month)
index 2017 (rank/180)
7% - 8% Average Yield
7.81 Democracy index 2017
(0=Authoritarian Regime; 10=Full Democracy) N/A Average Vacancy Rate
81 Ease of doing business 2018 3 - 5 Typical Lease Period (years)

(rank/190)
69.9 Index of economic freedom 2018 1 - 2 Typical Rent Free Period (months)
(0=repressed; 100=free)
1 - 2 Typical Rent Deposit (months)
35 Index of economic freedom 2018
(rank/180) Stable Demand - next 6 months
(up/down/stable)
44 International property rights
index 2017 (Globally /127) Stable Supply - next 6 months
(up/down/stable)
index 2017 (Regionally /27)
6 7
BOTSWANA
BOTSWANA
OFFICE MARKET INDUSTRIAL MARKET
14 Prime Net Asking Rent 5.5 Prime Net Asking Rent

(US$/m²/month) (US$/m²/month)
10 Prime Net Achieving Rent 4 Prime Net Achieving Rent

10% Rent Escalation Rate 8% - 10% Rent Escalation Rate

N/A Average Vacancy Rate
N/A Average Vacancy Rate
3 - 5 Typical Lease Period (years)
1 - 2 Typical Rent Free Period

(months)
1 - 2 Typical Rent Free Period (months)
Down Demand - next 6 months
(up/down/stable) Stable Demand - next 6 months
(up/down/stable)
Up Supply - next 6 months
(up/down/stable)
Stable Supply - next 6 months
(up/down/stable)
8 9
MADAGASCAR
French Business language

Ariary (Ar) Currency
8 Time to Start a Business (days)

Antananarivo Capital City
100 Registering a Property (days)
26.4 million Population 20% Corporate income tax rate (2017)
35.6% Urban Population 20% Sales tax (2018)
MADAGASCAR
3.9% Annual Urban

Population Growth 5.0% Real GDP annual growth rate
(2018 est.)
51.3 Mobile Phones 429 Real GDP per capita

(per 100 people)
(US$, 2018 est.)
9.0% Inflation Rate (Dec 2017)

5.4 Internet Users
(per 100 people) 9.50% Interest Rate (March 2018)

10 11
MADAGASCAR
MADAGASCAR
121 The Global Competitiveness Index 25 Prime Net Asking Rent


24 Corruption perception index 2017 5% Rent Escalation Rate

2 Operating Costs (US$/m²/month)
index 2017 (rank/180) 13% Average Yield
5.11 Democracy index 2017 2% Average Vacancy Rate

(0=Authoritarian Regime; 10=Full Democracy)
3 - 6 - 9 Typical Lease Period (years)
162 Ease of doing business 2018
(rank/190) 1 month Typical Rent Free Period (months)
56.8 Index of economic freedom 2018 3 months Typical Rent Deposit (months)
Up Demand - next 6 months
119 Index of economic freedom 2018 (up/down/stable)
(rank/180)
109 International property rights (up/down/stable)
index 2017 (Globally /127)

12 13
MADAGASCAR
MADAGASCAR
14 Prime Net Asking Rent 3 Prime Net Asking Rent


5% Rent Escalation Rate 5% Rent Escalation Rate
1 Operating Costs (US$/m²/month) 2% Operating Costs (US$/m²/month)

of rental
14% Average Yield
15% Average Yield
20% Average Vacancy Rate
10% Average Vacancy Rate
3 Typical Lease Period (years)
Case by Typical Rent Free Period (months)
case basis Case by Typical Rent Free Period (months)
case basis
Case by Typical Rent Deposit (months)
case basis Case by Typical Rent Deposit (months)
case basis
Stable Demand - next 6 months
(up/down/stable) Stable Demand - next 6 months
(up/down/stable)
(up/down/stable) Stable Supply - next 6 months
(up/down/stable)
14 15
MALAWI

Kwacha (MK) Currency
Lilongwe Capital City
18.8% Urban Population 16.5% Sales tax (2018)
6.0% Annual Urban

MALAWI
(2018 est.)

(per 100 people)
(US$, 2018 est.)
9.9% Inflation Rate (March 2018)

8.0 Internet Users

16 17
MALAWI
MALAWI
132 The Global Competitiveness Index 15 Prime Net Asking Rent



index 2017 (rank/180) 8.5% - 9% Average Yield
(rank/190) 1 Typical Rent Free Period (months)
52 Index of economic freedom 2018 1 Typical Rent Deposit (months)

Up Demand - next 6 months
(rank/180)

18 19
MALAWI
MALAWI
12 Prime Net Asking Rent 5 Prime Net Asking Rent


1 Operating Costs (US$/m²/month) 0.5 Operating Costs (US$/m²/month)
9% Average Yield 10% Average Yield
20% Average Vacancy Rate 30% Average Vacancy Rate
2 - 3 Typical Lease Period (years) 2 Typical Lease Period (years)
1 Typical Rent Free Period 1 Typical Rent Free Period (months)

(months)
1 Typical Rent Deposit (months)
1 Typical Rent Deposit (months)
Stable Demand - next 6 months (up/down/stable)
(up/down/stable)
Up Supply - next 6 months (up/down/stable)
(up/down/stable)
20 21
MAURITIUS

Rupee (Rs) Currency
5-6 Time to Start a Business (days)

Port Louis Capital City
0.3% Annual Urban
4.0%
MAURITIUS
Population Growth Real GDP annual growth rate

(2018 est.)
142.0 Mobile Phones 10,568 Real GDP per capita

(per 100 people)
(US$, 2018 est.)

46.2 Internet Users

22 23
MAURITIUS
MAURITIUS

41 Best Countries for 23 - 25 Prime Net Achieving Rent

50 Corruption perception index 2017 CPI Rent Escalation Rate

index 2017 (rank/180) 7.75% - 8% Average Yield
(rank/190) N/A Typical Rent Free Period (months)
75.1 Index of economic freedom 2018 Case by Typical Rent Deposit (months)
(0=repressed; 100=free) Case basis
21 Index of economic freedom 2018 Stable Demand - next 6 months
(rank/180) (up/down/stable)
28 International property rights Stable Supply - next 6 months

index 2017 (Globally /127) (up/down/stable)

24 25
MAURITIUS
MAURITIUS
13 - 13.5 Prime Net Asking Rent 3.1 - 4.3 Prime Net Asking Rent
13 Prime Net Achieving Rent 3.5 Prime Net Achieving Rent

CPI or a Rent Escalation Rate CPI Rent Escalation Rate

max of 5%
0.1 - 0.2 Operating Costs (US$/m²/month)
7.5% - 8.25% Average Yield
8.5% - 9% Average Yield
6% - 12% Average Vacancy Rate
4% - 10% Average Vacancy Rate
Case by Typical Rent Free Period (months)
Case by Typical Rent Free Period (months) case basis
case basis
Case by Typical Rent Deposit (months)
Case by Typical Rent Deposit (months) case basis
case basis
Stable Demand - next 6 months (up/down/stable)
(up/down/stable)
Up Supply - next 6 months (up/down/stable)
(up/down/stable)
26 27
MOZAMBIQUE
Portuguese Business language

Metical (MT) Currency
Maputo Capital City
5.3%
MOZAMBIQUE
Annual Urban
(2018 est.)

(per 100 people)
(US$, 2018 est.)

8.1 Internet Users

28 29
MOZAMBIQUE
MOZAMBIQUE


25 Corruption perception index 2017 5% Rent Escalation Rate


(rank/190) 1 - 3 Typical Rent Free Period (months)
46.3 Index of economic freedom 2018 3 Typical Rent Deposit (months)

(rank/180)

30 31
MOZAMBIQUE
MOZAMBIQUE
22 - 32 Prime Net Asking Rent 3 - 7 Prime Net Asking Rent


4 Operating Costs (US$/m²/month) N/A Operating Costs (US$/m²/month)
9.5% Average Yield 12.3% Average Yield
65% Average Vacancy Rate N/A Average Vacancy Rate
3 - 5 Typical Lease Period (years) 3 - 5 Typical Lease Period (years)
1 - 2 Typical Rent Free Period (months) 1 Typical Rent Free Period (months)
3 Typical Rent Deposit (months) 3 Typical Rent Deposit (months)
Up Demand - next 6 months Up Demand - next 6 months

(up/down/stable) (up/down/stable)
Up Supply - next 6 months Stable Supply - next 6 months

32 33
NAMIBIA
English/ Business language

German
824,292 Country Size (km2) Dollar (N$) Currency
Windhoek Capital City 66 Time to Start a Business (days)

2.6 million Population
2.1% Annual Population Growth 32% Corporate income tax rate (2017)
47.3% Urban Population
3.5% Annual Urban 15% Sales tax (2018)
Population Growth
3.1%
NAMIBIA
Real GDP annual growth rate

117.4 Mobile Phones
(2018 est.)
(per 100 people)

5,935 Real GDP per capita
(US$, 2018 est.)
18.0 Internet Users 3.5% Inflation Rate (March 2018)

(per 100 people)
6.75% Interest Rate (March 2018)

34 35
NAMIBIA
NAMIBIA



2 Operating Costs (US$/m²/month)
6.31 Democracy index 2017 2.5% Average Vacancy Rate

58.5 Index of economic freedom 2018 1 - 3 Typical Rent Deposit (months)

(rank/180)
N/A International property rights (up/down/stable)
N/A International property rights

36 37
NAMIBIA
NAMIBIA

15 - 18 Prime Net Achieving Rent 7 Prime Net Achieving Rent

7% - 9% Rent Escalation Rate 7% - 9% Rent Escalation Rate
1 - 2 Operating Costs (US$/m²/month) 1 Operating Costs (US$/m²/month)
9% Average Yield 10% Average Yield
2% Average Vacancy Rate 2% Average Vacancy Rate
1 - 2 Typical Rent Free Period (months) 1 - 2 Typical Rent Free Period (months)

1 - 3 Typical Rent Deposit (months) 1 - 3 Typical Rent Deposit (months)
Stable Demand - next 6 months Down Demand - next 6 months

Stable Supply - next 6 months Up Supply - next 6 months

(up/down/stable)
(up/down/stable)
38 39
SOUTH AFRICA
1,219,090 Country Size (km2)

Rand (R) Currency

Pretoria Capital City
(administrative) 23 Registering a Property (days)
Cape Town
(legislative) 28% Corporate income tax rate (2017)
Bloemfontein
(Judicial)
15% Sales tax (2018)
SOUTH AFRICA
55.9 million Population 2.0% Real GDP annual growth rate

0.8% Annual Population Growth (2018 est.)
7,571 Real GDP per capita
66.4% Urban Population (US$, 2018 est.)
1.6% Annual Urban
Population Growth 3.8% Inflation Rate (March 2018)
153.4 Mobile Phones 6.50% Interest Rate (March 2018)

(per 100 people)
55.9 Internet Users
(per 100 people)

40 41
SOUTH AFRICA
SOUTH AFRICA



3 - 4 Operating Costs (US$/m²/month)
index 2017 (rank/180) 7.5% Average Yield
7.24 Democracy index 2017 2 - 6% Average Vacancy Rate

63 Index of economic freedom 2018 2 - 4 Typical Rent Deposit (months)

Down Demand - next 6 months
(rank/180)

42 43
SOUTH AFRICA
SOUTH AFRICA

15 - 17.5 Prime Net Achieving Rent 5 - 5.5 Prime Net Achieving Rent
7% - 8% Rent Escalation Rate 8% - 9% Rent Escalation Rate
2 - 5 Operating Costs (US$/m²/month) 0.7 - 1 Operating Costs (US$/m²/month)
8% - 9% Average Yield 8.5% Average Yield
5% - 15% Average Vacancy Rate N/A Average Vacancy Rate
1 - 3 Typical Rent Free Period (months) 1 - 2 Typical Rent Free Period (months)

2 - 3 Typical Rent Deposit (months) 1 - 3 Typical Rent Deposit (months)
Stable Demand - next 6 months Stable Demand - next 6 months

Stable Supply - next 6 months Stable Supply - next 6 months

44 45
ZAMBIA

Kwacha (ZK) Currency
8.5 Time to Start a Business (days)
Lusaka Capital City
17.8 million Population 0 - 40% Corporate income tax rate (2017)
1.9% Annual Urban

ZAMBIA
(2018 est.)
74.3 Mobile Phones 1,657 Real GDP per capita

(per 100 people)
(US$, 2018 est.)

21.7 Internet Users

46 47
ZAMBIA
ZAMBIA



index 2017 (rank/180) 7% - 8% Average Yield
5.68 Democracy index 2017 15% - 20% Average Vacancy Rate

54.3 Index of economic freedom 2018 2 - 4 Typical Rent Deposit (months)

(rank/180)

48 49
Sandton, South Africa
50 51
SADC Snippet
2018
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Broll Property Group has taken every care in the preparation of this report. The sources of information used are believed to be accurate and reliable, but no
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SADC Market

Snippet Q1: 2018

Mauritius MAURITIUS 22 ZAMBIA 46

English Business language

581,730 Country Size (km2)

Gaborone Capital City 48 Time to Start a Business (days)

2.4 million Population 27 Registering a Property (days)

(per 100 people) 7,767 Real GDP per capita

5.00% Interest Rate (March 2018)

18.4% Unemployment Rate (2018 est.)

*All figures are 2018 estimates

63 The Global Competitiveness Index 24 - 27 Prime Net Asking Rent

76 Best Countries for 21 Prime Net Achieving Rent

61 Corruption perception index 2017 8% - 10% Rent Escalation Rate

81 Ease of doing business 2018 3 - 5 Typical Lease Period (years)

14 Prime Net Asking Rent 5.5 Prime Net Asking Rent

10 Prime Net Achieving Rent 4 Prime Net Achieving Rent

10% Rent Escalation Rate 8% - 10% Rent Escalation Rate

1 - 2 Typical Rent Free Period

French Business language

587,041 Country Size (km2)

8 Time to Start a Business (days)

3.9% Annual Urban

51.3 Mobile Phones 429 Real GDP per capita

9.0% Inflation Rate (Dec 2017)

54.9% Unemployment Rate (2018 est.)

*All figures are 2018 estimates

121 The Global Competitiveness Index 25 Prime Net Asking Rent

121 Best Countries for 25 Prime Net Achieving Rent

24 Corruption perception index 2017 5% Rent Escalation Rate

5.11 Democracy index 2017 2% Average Vacancy Rate

22 International property rights

14 Prime Net Asking Rent 3 Prime Net Asking Rent

14 Prime Net Achieving Rent 3 Prime Net Achieving Rent

5% Rent Escalation Rate 5% Rent Escalation Rate

1 Operating Costs (US$/m²/month) 2% Operating Costs (US$/m²/month)

English Business language

118,484 Country Size (km2)

40.2 Mobile Phones 492 Real GDP per capita

9.9% Inflation Rate (March 2018)

6.8% Unemployment Rate (2018 est.)

*All figures are 2018 estimates

132 The Global Competitiveness Index 15 Prime Net Asking Rent

136 Best Countries for 15 Prime Net Achieving Rent

31 Corruption perception index 2017 12% - 15% Rent Escalation Rate

52 Index of economic freedom 2018 1 Typical Rent Deposit (months)

15 International property rights

12 Prime Net Asking Rent 5 Prime Net Asking Rent

10 Prime Net Achieving Rent 3 Prime Net Achieving Rent

13% Rent Escalation Rate 13% Rent Escalation Rate

1 Operating Costs (US$/m²/month) 0.5 Operating Costs (US$/m²/month)

9% Average Yield 10% Average Yield

20% Average Vacancy Rate 30% Average Vacancy Rate

2 - 3 Typical Lease Period (years) 2 Typical Lease Period (years)

1 Typical Rent Free Period 1 Typical Rent Free Period (months)

English Business language

2,040 Country Size (km2)

5-6 Time to Start a Business (days)

Population Growth Real GDP annual growth rate

142.0 Mobile Phones 10,568 Real GDP per capita

6.7% Inflation Rate (March 2018)

7.3% Unemployment Rate (2018 est.)

*All figures are 2018 estimates