Prime office rents in Dubai fell by an average of 6.5 % in the year 2020. Nearly a quarter of all office space lies vacant in Dubai.
Landlords are expected to remain flexible in order to retain and attract occupiers and roll-out incentives such as rent-free periods and flexible payments terms. The move is to maintain the demand for the physical office spaces, despite the ongoing challenges posed by the coronavirus pandemic.
Office rental rates have registered an average decline of 7% over the year, coupled with a significant increase in vacant offices across the sector.
The office sector in Abu Dhabi has witnessed the most challenges as several business units have either downsized or temporarily/permanently closed their operations.
Information Credits: Asteco
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