Dubai office supply at 70m sqm by year-end: Cluttons
16 Apr 2012
(MENAFN) A report released by real estate firm Cluttons expected that Dubai’s office vacancy to surpass 40 percent this year, Arabian Business reported.
The report also predicted the Gulf emirate’s total office supply to increase to 70 million sq ft by year-end.
The report said that office rents in prime locations in Dubai started to stabilize on stronger demand, defying a 10 million sq ft supply forecast this year.
Clutton’s Q1 market report said DIFC, Emaar Square and the Sheikh Zayed corridor remain the most expensive locations, while JLT, Barsha and Tecom offering the lowest rates.
The report indicated that there still remains a relatively short supply of good quality buildings for corporate occupiers with major requirements.
Dubai hotels’ performance would remain strong this year, as the emirate is seen as a safe haven amid troubles elsewhere in the Middle East, the report said.