abu dhabi office rents fall but supply keeps retail rents steady
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Abu Dhabi office rents fall but supply keeps retail rents steady

Arab Today, arab today

Arab Today, arab today Abu Dhabi office rents fall but supply keeps retail rents steady

Office rents in Abu Dhabi slid in the second quarter.
Abu Dhabi - Arab Today

Office rents in Abu Dhabi are coming under pressure as low oil prices force companies to cut back.
Rents for average top-class offices in Abu Dhabi fell 3 per cent in the second quarter of this year to Dh1,795 per square ­metre compared with the previous quarter, according to property broker JLL.
JLL found that grade-B office rents also fell 3 per cent during the three months to the end of June to Dh1,086 per sq metre as occupiers reduced requirements and relinquished space.
Prime office rents in Abu Dhabi remained flat over the period at Dh1,800 per sq metre, according today. However, it said that challenging market conditions meant that landlords were starting to offer tenants more flexibility with their leasing and payment terms.
"Demand for office space has reduced because of the decline in oil prices directly impacting the oil-related sector and indirectly impacting other sectors because of a slowdown in government spending," said David Dudley, the head of JLL’s Abu Dhabi office.
"There is increasing evidence of oil companies and government entities reducing headcount and office space requirements."
Both agents reported that retail rents in the capital remained stable as vacancy rates within Abu Dhabi’s major shopping malls remain low.
Average store rents in well-loc­ated malls on Abu Dhabi Island were steady at Dh3,000 per sq metre a year, while average store rents in off-island locations remained unchanged at Dh1,860 per sq metre.
Nevertheless, both agents reported that mall operators are increasing leasing incentives to maintain and attract retailers as consumer confidence diminishes in a climate of job cuts, a reduction in personal incomes and allowances, and a reduction in corporate hospitality demand.
CBRE reported that occu­pancy rates for major malls in Abu Dhabi stood at more than 95 per cent – something unlikely to change much until two ­major new malls are completed in 2018.
"In the short term, new retail supply in the capital is actually very limited, which should help insulate retailers and mall owners from the emergence of more severe negative impacts," said Matthew Green, the head of research in CBRE’s Dubai office. "However, while oil prices remain low, we can expect to see consumer confidence also remaining below normal levels."

Source: The National

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

abu dhabi office rents fall but supply keeps retail rents steady abu dhabi office rents fall but supply keeps retail rents steady

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

abu dhabi office rents fall but supply keeps retail rents steady abu dhabi office rents fall but supply keeps retail rents steady

 



GMT 12:11 2017 Thursday ,27 July

Tony Baroud to present new TV show

GMT 23:00 2017 Monday ,16 October

Egypt FM to head for Slovenia on Monday

GMT 20:06 2017 Friday ,20 January

Daesh in new demolitions at Syria’s Palmyra

GMT 21:06 2017 Friday ,24 November

Marriyum condemns Hayatabad terrorists attack

GMT 01:00 2017 Saturday ,25 November

Cabinet Affairs Minister Meets Indonesian Ambassador

GMT 02:34 2018 Thursday ,04 January

Merger creates state-owned gas giant

GMT 10:08 2017 Tuesday ,07 March

Geneva farce: The regime is the opposition

GMT 10:19 2017 Saturday ,18 November

AJK Prime Minister condemns across LoC shelling

GMT 11:34 2017 Wednesday ,22 March

33 Syrians killed in Air raid on Raqqa’s school

GMT 11:03 2017 Wednesday ,01 March

Asala declares her solidarity with George Wassouf

GMT 17:57 2017 Wednesday ,11 October

Mideast nations turn to private sector

GMT 14:11 2016 Wednesday ,30 November

Tunisia wins billion-dollar pledges to boost economy

GMT 23:41 2017 Tuesday ,26 September

Qatar laborer ‘sacked’ after speaking to UN team

GMT 04:28 2017 Tuesday ,21 March

Enrique Iglesias to headline Bahrain F1
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday