Positive impact of border reopening on the office property market
The reopening of Mauritian borders on 1 October 2021 has driven the resumption of international travel, including for work. Restrictions have been eased up for fully vaccinated visitors with the removal of quarantine requirements.
With one of the highest full vaccination rates in Africa and the observance of stringent health protocols, Mauritius remains an attractive destination for investors, businesses and professionals. The reopening of borders was a critical step in supporting economic recovery in the country, along with campaigns carried out by the Economic Development Board targeting professionals among others, changes regarding residence permits and certain fiscal stimuli.
The reopening of the country’s borders was followed by another positive news. Mauritius was delisted in late October from the Financial Action Task Force “grey list”, which includes jurisdictions with strategic deficiencies in their approach to Anti-Money Laundering/Combating the Financing of Terrorism. This will undoubtedly help in its delisting the Mauritius International Financial Centre from the European Union “black list”.
This has definitely been a breath of fresh air, inspiring increased confidence in individuals, business people, investors and the economy in general.
A broadly stable market
The office property landscape has certainly shifted over the past few months to adjust to the current reality of the new normal. Some of these changes resulted from the closure of the economy while others were prompted by new behaviours induced by the pandemic. However, the market has remained broadly stable and the reopening of borders will positively influence the landscape.
Investor confidence seems to have been little affected by market uncertainty due to COVID-19 effects. Specialist investors keep looking for opportunities in office properties as the sector continues to prove resilient.
Adapting to changing conditions
Recognising that the concept of the office is undergoing radical transformation – even prior to the pandemic – Oficea has also been diversifying its portfolio mix to adapt to changing market conditions. A key component of that evolution is increased flexibility and agility.
With the rapidly emerging hybrid work model, coworking spaces and other flexible office solutions like those available at Vivéa Business Park are becoming an increasingly established work arrangement among business of all sizes. A key player in the office space rental market in Mauritius, Oficea provides workers with Grade A offices spaces enjoying an ideal location in Moka Smart City.
Diversification and expansion
Moreover, the ENL group subsidiary specialised in the management and development of high-end, environment-friendly workplaces is continuing its diversification and expansion strategy. The development of Les Fascines, an exceptional Grade A office building is currently underway and will be completed early 2022. This building will be LEED certified upon completion.
With the rethinking of workplace strategies prompted by the COVID-19 pandemic and its consequences in the working world, Oficea also brings hospitality to the workplace through workspitality. The ENL subsidiary continues to get closer to its clients’ needs and wishes with a range of hotel-like services and amenities that combine flexibility, comfort and connectivity.
In so doing, Oficea also stands ready to capture new business opportunities arising from these recent developments.
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