The downfall of office rental rates continues throughout the quarter. An annual record showed that there is a 13% decline from last year while the quarterly report displayed a 3% decline.
Compared to the previous quarter there has been no change in office rental rates for the DIFC and Bur Dubai. Whereas Barsha Heights, Business Bay, Jumeirah Lake Towers, and Sheikh Zayed Road showed a decline of 7%, 4%, 4%, and 5% respectively.
But compared to the previous year the rental rates have dropped marginally. DIFC and Bur Dubai showed a decline of 11% each. While Barsha Heights, Business Bay, Jumeirah Lake Towers, and Sheikh Zayed Road showed a drop of 22%, 16%, 21%, and 20% respectively.
Office rental rates show a 1% decline compared to quarter two of 2019 and a 6% drop compared to quarter three of 2018.
Typical Building and Shell and Core show a quarterly decrease of 2%; while Fitted and Low-Quality Building rates drop to 2% and 3%.
Fitted and Good share the same percentage of yearly descend. The annual decline for Typical Building, Shell and Core, and Low Quality Building are 7%, 8%, and 4% respectively.
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Information Credits: Asteco