Harare CBD office vacancy hits 60%, suburbs gain ground

Empty desks are gutting Zimbabwe’s city centers while suburban blocks cash in on the office exodus.

CBD slump and investor exit

• Knight Frank flags Harare CBD vacancies hovering near 60 percent.
• Bulawayo’s core is not far behind, sitting around 40 percent.
• Rising crime and busted infrastructure are pushing investors to dump towers.
• Multiple multi-storey buildings are circulating for sale as landlords tap out.

Suburbs eat the CBD’s lunch

• Knight Frank shows suburban offices pulling about 9 percent yields.
• CBD properties lag around 6 percent, trailing Zambia and South Africa.
• Nodes like Newlands and Mt Pleasant are pulling in corporate tenants.
• Companies are chasing shorter commutes and lighter municipal headaches.

Why companies are bailing downtown

• Macroeconomic strain keeps occupier appetite pretty weak.
• Exchange rate swings have nudged some CBD landlords to jack up rents.
• Hybrid-friendly layouts are easier to find outside the center.
• Congestion downtown keeps draining time and patience.

Banks build shiny new hubs

• Afreximbank anchors Harare Trade Centre with 4000 sqm at 30 dollars.
• Stanbic Bank and First Capital Bank rolled out polished headquarters.
• Ecobank and CBZ Bank added solar, boreholes, and brighter interiors.
• Most fresh builds are kept for owner occupation, not leasing.

Quality up, but diversity squeezed

• Financial institutions are basically setting the tone for asset standards.
• Premium-focused projects leave small businesses fewer realistic options.
• Analysts warn that tenant variety shrinks when everything targets top-tier players.
• Mixed-use energy takes a back seat to institutional-grade space.

The broader property sector still grows

• Tigere Property Fund pegs sector growth around 5 percent in 2025.
• Urbanisation and housing demand are propping up activity.
• Diaspora cash and infrastructure work are fueling transactions.
• Retail and offices thrive in suburbs while the CBD leans informal.