Share:

Namibia Real Estate Market View

5/7/2020

Elaine Wilson 
Divisional Director Research 
Cushman & Wakefield Broll

Economy Overview 

The Namibian economy was already under severe pressure, having been in a recession for two years prior to the COVID-19 pandemic, with mining and agriculture performing below expectations, primarily as a result of the continued drop in commodity prices and the severe draught experienced in the country. With the closing of borders and nationwide lockdown, tourism, the main contributor to Namibia’s GDP growth, has been devastatingly affected. The tertiary industry has also been severely impacted by the lockdown as ‘stay home restrictions’ limit any movements throughout the nation. However, on a positive note, interest rates have decrease by approximately 2%, providing necessary relief to consumers and business that may need to borrow money to sustain themselves. 
 

Retail Overview 

Restrictions on trade due to the lockdown have severely affected the retail industry with only essential service providers being permitted to trade. With the uncertainty in the economy and the possible loss of income, consumers are being more cautious, lessening their spending resulting in reduced turnover for those essential retailers still trading. 

Industrial Overview 

The COVID-19 lockdown appears to have had a minimal impact on the industrial sector with no requests for rental reductions or deferments, despite closure. 

Office Overview 

The Office market appears stable in Namibia amidst the Coronavirus lockdown. However, the risk of business closures and the change in work patterns, (i.e. more people who could be starting to work from home), could aggravate vacancy rates in the future. A significant amount of request for rental reduction, even prior to the crises, have also been received. .

RELATED COVID-19 INSIGHT

Poland
Insights • Economy

Poland Real Estate Market View

A regular update on the commercial real estate market in Poland.
Katarzyna Lipka • 9/23/2021
Looking out over Buda castle, Budapest
Press Release • Economy

Hungary Real Estate Market View

A regular update on the commercial real estate market in Hungary.
Bence Soós • 9/23/2021
Rue Sainte-Catherine, Bordeaux, France
Insights • Economy

French Real Estate Market View

A brief bi-weekly update on the French commercial real estate market.
Patricia Vevaud • 9/23/2021
Marketbeat Germany
Insights • Economy

Germany Real Estate Market View

A regular update on the commercial real estate market in Germany.
Ursula-Beate Neisser • 9/23/2021
couple with face masks on Milan street
Insights • Economy

Italy Real Estate Market View

A regular update on the commercial real estate market in Italy.
Carlo Vanini • 9/9/2021
Bratislava, Slovakia
Insights • Economy

Slovakia Real Estate Market View

A regular update on the commercial real estate market in Slovakia.
Juraj Bronček • 9/7/2021
Prague, Czech Republic
Insights • Economy

Czech Real Estate Market View

A regular update on the commercial real estate market in Czech Republic.
Marie Baláčová • 8/25/2021
blue duotone graphic of people in office
Insights • Economy

EMEA Markets View

Our EMEA local market research colleagues share the latest real estate market views from their countries.
Andrew Phipps • 7/15/2021
Rome
Insights • Economy

Spain Real Estate Market View

A regular update on the commercial real estate market in Spain, reflecting all our service lines: Offices, Industrial, Capital Markets Group, Retail and Hospitality.
Ramiro Rodríguez • 5/25/2021
Brussels Office Marketbeat
Insights • Economy

Belgium Real Estate Market View

A regular update on the commercial real estate market in Belgium.
Cédric Van Meerbeeck • 3/25/2021
New Perspectives (image)
Research • Topical Report

New Perspective: From Pandemic to Performance

As a global leader in the commercial real estate (CRE) industry, Cushman & Wakefield offers clients a new perspective on COVID-19’s impact on CRE and beyond, preparing them for what’s next.
Michael Boonshoft
Insights

$name

Interested in learning more?

Get in touch and we can assist with any additional information you need.