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Office Trends – Quarter Two 2020

August 27, 2020
Dubai

Office rental rates in Dubai have recorded a quarterly decline of 5%.

There has been a noticeable rise in demand for compact (circa. 100 – 500 sq.ft.) fully furnished / serviced offices for lease, especially in areas with a large amount of strata title space, such as Business Bay and Jumeirah Lake Towers. Incentives offered include flexible payment options, free licenses, rent-free periods, zero commission, free chiller and free parking.

Despite the attractive discounts offered by commercial landlords, a reduced number of new leases and renewals are expected as tenants play safe with a wait and watch approach.

Click here to see the Dubai office rental rates

Abu Dhabi

Whilst average office rental rates decreased by 2% over the quarter, some low-quality buildings recorded annual drops of up to 15%.

Demand for office space is expected to be particularly hard-hit over the short to medium term.

Limited business/employment growth, job losses and salary cuts would continue to put pressure on the real estate market.

Click here to see the Abu Dhabi office rental rates

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Information Credits: Asteco


Disclaimer: The stories are a work of fiction based on facts. Identies and details may have been altered to suit the narrative.