The impact of the softening global economy continues to hamper the UAE’s office market as redundancies in the oil and gas, finance and banking sectors have stifled demand for office space across the emirates, according to leading internati
Office rents in the prime free zones of Dubai, UAE, held firm during the first quarter as occupancy levels remained high in core areas such as Dubai International Financial Centre, Dubai Media City and Dubai Knowledge Village, said a report.
Stability in office rents in Dubai’s main markets will persist throughout the first quarter of 2016 as a result of continued high demand from both international and domestic occupiers, according to leading real estate consultancy Cluttons.
Office rents are likely to see an upward trend in the next 12 months following a slow first half witnessed in 2015, according to a report by Knight Frank, a leading privately owned global property agency and consultancy.
Residential rents in Dubai, UAE, declined by 3 per cent in the second quarter of the year in the face of 6,750 new housing units that were delivered during the period, a report said.
The new supply of homes took the total Dubai re
The first quarter has seen office rents stabilise across the prime and secondary markets in Dubai, UAE, following a slowdown in the rate of rent increases during the last quarter, while the industrial market has retained its momentum, said a rep
Despite a substantial rise in new stock, the residential and office markets in Dubai, UAE, still remain broadly stable, a positive indicator after a period of significant rental and sale price growth over the past two years, said a report.
With the level of new supply of office space remaining low, prime rents in Dubai were up 23 per cent in the third quarter (Q3) of the year compared to the corresponding period of 2013, a report said.
Although new enquiries for off
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.