Despite experiencing a drop in the vacancy rate to 30 per cent, rents for Grade A shell and core offices in Abu Dhabi continued to trend down in the first six months (H1) of this year, falling by 3 per cent, a report said.
Around 600,000 sq m of new space is due to be completed this year in Abu Dhabi and a large proportion of this has already been pre-let, suggesting that the vacancy rate is unlikely to see a large rise, said an industry expert.
The downward trend office rents as well as sales prices for both villas and apartments, experienced since the middle of 2008 in Bahrain has continued over the last six months, said a report.
Overall, average asking prices for property fell
Prime office rents in Dubai’s central business district have stabilised with three consecutive quarters of flat growth reflecting the relative strength of the central office area amidst wider market weaknesses, said an expert.
The performance of the office market in Bahrain in the second quarter was similar to the first as the country still struggles with oversupply of office space, according to a report by Global Investment House.
Rents remained under
Office rents have continued to fall in Bahrain for the third consecutive year following the peak of the market in 2008, said a leading property consultant.
Prime rates are down by a further 11 per cent in the first half of 2011 reaching a
A tentative recovery in office rents is emerging globally helped by improved economic activity, with rental growth starting to speed up in the first quarter in the major financial markets of London and Hong Kong, said a report.
The prime office rents at Dubai International Finance Centre were the second highest in Europe, Middle East and Africa (EMEA) region during the last quarter at $1128/sq m / annum, according to CB Richard Ellis (CBRE).
The CBRE office
In spite of the slump in property prices in Dubai, the emirate remains the eighth most expensive place to rent office space in the world, according to the latest report on office occupancy by CB Richard Ellis.
Dubai office rents have slump