Vacancy rates in Accra's prime commercial office districts fell to 8.3% in the fourth quarter of 2025, according to Knight Frank's Ghana Real Estate Market Report released in early 2026. The figure represents the lowest vacancy rate for prime commercial space since 2019 and marks the completion of a recovery that began in 2023 as international business activity in Ghana returned to pre-pandemic levels and a new wave of organisations established or expanded their Accra presence.
The composition of demand driving the absorption is led by three tenant categories. Financial services firms, including international banks, development finance institutions, and fintech companies, account for the largest share of new lease commitments in the Airport City and Cantonments areas. Technology and software companies, a growing segment of the Accra commercial tenant base, have been particularly active in East Legon, where the density of business services and proximity to residential areas makes the district attractive for talent retention. International NGOs and development organisations continue to represent a stable demand component, with several major organisations renewing or expanding their Accra office footprints in response to growing programme activity in the region.
The supply side of the market remains relatively constrained in the prime segment. The pipeline of new Grade A office space under development in Accra's established commercial districts is limited compared with the growth in demand, and several developments that were planned in 2021 and 2022 were deferred due to construction financing costs. The result is a market where well-located, well-managed existing stock is absorbing at rates that are putting upward pressure on rents in the most sought-after buildings and districts.
Effective rental rates in Accra's prime commercial districts have increased by an estimated 12% to 15% in US dollar terms over the past 18 months, according to Knight Frank's analysis, with the increases concentrated in East Legon and Airport Residential Area where the premium over secondary locations has widened as the gap in management quality has become more evident to tenants. Tenants who accepted secondary locations during the lower-activity period of 2020 and 2021 are now actively re-evaluating their premises decisions as their lease terms approach renewal.
For commercial property managers and owners in prime locations, the current environment represents a favourable period for portfolio optimisation. Occupancy levels at well-managed properties are close to structural maximums once vacancy for lease transition is accounted for, and the combination of high occupancy and rising rents is improving net operating income. The risk to the outlook centres on a potential increase in new supply if current rental levels make development economics work for developers, and on the broader macroeconomic environment for business activity in Ghana, which remains the primary determinant of office space demand.