Morocco’s Commercial Real Estate Crisis: Office Sales Plummet 40% as Investors Retreat

The figures, from the joint data of Bank Al-Maghrib and ANCFCC, paint a portrait of a struggling sector, where both transactions and prices are struggling to maintain their course.

The sales dynamics are particularly affected. Overall, the number of transactions for commercial properties plummeted by 31.4% in a single quarter, a drop that reflects a widespread wait-and-see attitude. In this gloomy context, it is the offices that seem to be paying the heaviest price. This segment recorded a collapse in sales of 40.5% in the first three months of the year, confirming the accumulating difficulties. Commercial premises are not spared either, with a significant decline in transactions of 28.9%.

On the price side, the trend is also downward, although more moderately. At the national level, the value of offices fell by 1.5% over the quarter, while that of commercial premises fell by 1.4%. However, the analysis over a full year reveals different trajectories: while the price of commercial premises is stagnant, that of offices shows a more pronounced drop of 4.2%, a sign of a more lasting disinterest in this type of asset.

Several factors could explain this lack of interest in commercial real estate. The prevailing economic climate, combined with the profound changes in work patterns and a possible saturation of supply in certain areas, undoubtedly weighs heavily. The question now is whether this downward trend is a simple lull or whether it heralds a deeper crisis for the sector. The next ANCFCC report should outline the direction.