Office rental rates in Dubai have recorded a quarterly decline of 6%.
Commercial Landlords have offered discounts in rental rates and incentives to retain existing tenants and attract new ones. These include flexible lease terms, reduced agent fees and lower down payments.
Office rental rates recorded significant drop of 10% over the last three months, with huge discounts on contract renewals.
With businesses implementing cost reduction measures by downsizing and some closing altogether, the pressure on office rentals and occupancy rates is expected to rise until economic conditions improve.
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Information Credits: Asteco