Kenya’s commercial property investors are changing where they put their money. Rather than chase new developments, they now look at old office buildings and ask what it takes to fix them.
Environmental, social, and governance factors sit behind that shift, according to Knight Frank Kenya’s Wealth and Investment Trends Report 2026.
Upgrade, Don’t Replace
The strategy centres on improving what already stands: better energy systems, renewable power integration, and upgrades that cut a building’s footprint. The report found that 38 percent of respondents said their clients now target underperforming commercial properties for refurbishment while keeping the building’s existing use. That number signals a market moving toward asset quality and staying power over simply adding new stock.
Boniface Abudho, research analyst at Knight Frank Africa, describes this as a turning point for the sector. “Commercial property is entering a new phase where value is increasingly created through thoughtful refurbishment,” he said. “Investors recognise that improving the environmental performance of existing buildings not only extends their useful life but also enhances competitiveness in a market where occupiers are demanding higher quality space.”
Sustainability Moves to the Center of Decisions
Numbers back up the shift. Seventy five percent of respondents named renewable energy as a leading factor when they assess commercial property. Green building certification keeps gaining ground among investors chasing assets built to last.
Mark Dunford, chief executive officer of Knight Frank Kenya, puts the reasoning plainly. “Refurbishment is no longer simply about aesthetics,” he said. “It is about reducing operating costs, improving energy efficiency and ensuring buildings remain attractive to tenants and investors in an increasingly competitive market.”
What Landlords Stand to Gain
Older buildings hold more upside than their age suggests, according to Knight Frank. Landlords who install better energy systems, add building management technology, and upgrade amenities protect the value of their assets while advancing sustainability goals at the same time.
Dunford connects this to what comes next. “The buildings that perform best over the coming years will be those that adapt to changing occupier expectations,” he said. “Investors who enhance existing assets today are positioning themselves for stronger performance tomorrow.”
Abudho closes with a broader read on the market. “Kenya’s commercial property sector is evolving,” he said. “Refurbishment demonstrates that sustainable investment can deliver both environmental benefits and sound commercial returns without fundamentally changing a building’s purpose.”
The report frames this as part of a wider pattern: ESG now shapes how capital moves through Kenya’s commercial real estate, pushing the market toward buildings built to last, run efficiently, and meet what occupiers expect next.
