The total office space stock within areas of Dubai monitored by a real estate investment advisory firm JLL stood at approximately 7 million sq m at the end of Q1 2013.
Oversupply, developing infrastructure, high cost and excessive luxury are the main reasons for over a third of offices in Dubai to remain empty, according to mainstream media.
The latest ‘Dubai Real Estate Market Overview – Q2 2012′ was released today by Jones Lang LaSalle. The report covers the Dubai office, residential, retail and hospitality market segments. Read more
The office sector in Dubai remains highly competitive despite a high levels of supply. It reached nearly 60m sq ft, with an additional 10m anticipated by the end of the 2012, according to Cluttons’ Q1 real estate market report. Read more
Newly-released figures from Knight Frank show that London is no longer the location with the highest prime office rents in the world.
Hong Kong replaced the English capital at the top of the ranking as a result of rapid rental growth in the first half of 2011. While there was evidence that rents had peaked in the second half of the year, Grade A rents in Central stood at HK$1,046 per sq m per month (c.UK£97.11 per sq ft p.a.) in Q4, 28% up on 12 months earlier. However, with office demand weakening, Grade A rents are forecast to soften in 2012. Read more
• Law no 13 of 2011 was announced with the aim of regulating economic activity and connecting government departments under a single portal in order to streamline commercial activity and investment in the Emirate.
• Prime office lease rates remained unchanged for the fourth straight quarter with rates ranging between AED1,080 to 1,940/sqm/pa;
• Secondary office locations have seen a 11% drop in lease rates year on year.
• The residential market remained stable during the quarter with average lease rates for residential apartments dropping marginally by 2%, while villa rates remained unchanged. Read more
- Annual Investment Turnover 4% Higher Than 2010
- Exceptional Final Quarter for French Property Investment
With the eurozone economy looking increasingly fragile and the single European currency depreciating in value against most major foreign currencies and the U.S. dollar, activity among property investors looking to take advantage of favourable conditions increased. Read more