Osu, the Booming Business Area & Commercial Property Market
Located a few kilometres to the east of the central business district of Accra, Osu is one of Accra’s main suburban areas. A lively mix of both commercial and residential properties, as well as modern and slightly older buildings, the Osu is one of the busiest place in Accra. The district was established as a settlement around the Danish fort Christianborg Castle in the colonial era, thus, it offers a mix of properties from the 20th Century. These include a mixture of low rise apartment building, detached and semi-detached houses, and modern office buildings.
There are also a number of restaurants and hotels in the area. A majority of these office establishments, hotels, and restaurants are situated along the Cantonments Road, popularly called Oxford Street.
With an excellent and well tarred road network that connect to various parts of the neighbourhood, the flow of vehicular traffic is relatively smooth. The only exception to this is the Oxford Street, where traffic occasionally builds up during rush hours. Osu is constantly developing as newer developments are put up in the district. The strong presence of foreign nationals also help drive the business potential here.
This Business District is a Perfect Place for Renting an Office!
Osu thrives as a suburb due to the presence of numerous businesses located in the area. There are also many businesses, which are looking to move into the area to take advantage of business opportunities. Many property owners in the area are also looking to rent out their commercial properties to those businesses. The offices are mainly built of low rise block buildings based on modern designs.
Due to the scarcity of land in Osu, especially around the Oxford Street area where the business epicentre is, majority of businesses tend to rent office spaces rather than buy. Osu is a prime area, therefore, commercial properties command a high rent. The approximate prices of rental commercial properties go for a low of GH₵500 a month and can get as high as GH₵32,000 a month. These prices are dependent on the specific location of the property, as well as its finishes, furnished or unfurnished, and total space offered. In some rental office, one can also get a cleaning service, which is very convenient for the office workers.
Pictures via Flckr