1. The five clusters
Casablanca's office market is structured around five distinct clusters, each with its own tenant base, yield profile and rent level:
| Cluster | Rent (MAD/sqm/mth) | Cap rate | Vacancy |
|---|---|---|---|
| CFC (Casa Finance City) | 250 – 380 | 6.5 – 7.5 % | 4-8 % |
| Anfa / Anfa Place | 180 – 260 | 7 – 8 % | 6-10 % |
| Maârif | 130 – 200 | 7.5 – 8.5 % | 10-14 % |
| Sidi Maârouf / Californie | 110 – 170 | 8 – 9 % | 8-12 % |
| Casa Nearshore / Shore | 90 – 140 | 8 – 10 % | 5-8 % |
2. CFC — the flagship
Casablanca Finance City is Morocco's flagship tertiary development, with tax incentives (IS exoneration first 5 years, then reduced rate) for eligible financial and services firms. Tenant mix: African HQs, law firms, asset managers, consulting, tech.
Phase 2 extension (completion 2028) adds ~200 000 sqm of Class A space. This should maintain vacancy in the 5-8% range through the decade.
3. Anfa — the premium alternative
Anfa remains a prime location for executive offices, private banking and high-end professional services. Anfa Place, the Twin Center, and scattered towers along Boulevard d'Anfa offer Class A or Class B+ buildings. Yield slightly higher than CFC (7-8%) reflecting older stock.
4. Maârif, Sidi Maârouf & Nearshore
Maârif is Casablanca's CBD. Mixed tenants (retail, professional services, corporate regional offices). Higher vacancy due to older stock and competition from CFC. Cap rates 7.5-8.5%.
Sidi Maârouf / Californiehosts the Technopark and corporate campuses. Cost-effective Class A (Orange Technopark, Technopolis). Key tenant: technology firms, BPO, R&D.
Casa Nearshore (Shore) is the BPO hub. Rents are lower but demand robust — Africa's outsourcing capital, with Atento, Teleperformance, Webhelp, Majorel. Yields 8-10%, with long leases on new build.
5. 2026 outlook
- CFC Phase 2 adds significant supply (2027-2028) — vacancy will stay contained
- World Cup 2030 infrastructure boosts demand for temp offices and corporate showcasing
- OPCI demand continues for Class A stabilised assets, supporting cap rate stability
- BPO / nearshore boom maintains Shore & Sidi Maârouf absorption
- Older Class B stock in Maârif may face price pressure unless renovated
FAQ
Which cluster has the best yield?
Casa Nearshore / Shore (8-10%) with long-lease BPO tenants. Sidi Maârouf Class A Technopark (8-9%) is a close second with strong tenant covenants.
Can foreign investors buy CFC offices?
Yes — no restrictions. CFC assets are highly sought-after by OPCI funds. Foreign pension funds and family offices have entered the market since 2022.
What's the typical lease term?
3-6-9 years with break options every 3 years (loi 49-16). Single-tenant whole-building leases can reach 9-12 firm years at CFC.