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 09:16 2017 Wednesday ,13 December

Cape wearing tips

GMT 20:49 2017 Monday ,21 August

South Asia floods claim more than 750 lives

GMT 19:06 2016 Saturday ,10 December

IOF Close Al-Nabi Saleh Village's Entrance

GMT 18:01 2017 Wednesday ,22 February

Abu Sayyaf ‘likely’ behind Vietnam freighter attack

GMT 06:41 2017 Sunday ,03 December

Hamas threatens 'intifada' over US moves on Jerusalem

GMT 16:17 2017 Saturday ,21 January

BMW 7 series crosses 5,000 unit mark in 2016

GMT 12:17 2016 Wednesday ,24 February

United Technologies nixes Honeywell merger

GMT 23:37 2017 Monday ,31 July

Saudi Arabia sanctions Hezbollah member

GMT 05:45 2018 Saturday ,29 September

Abdullah bin Zayed hosts official reception in New York

GMT 04:12 2018 Friday ,12 January

Saudi-led coalition says Yemen rebels threat

GMT 11:18 2014 Monday ,22 December

Richard Ward adds to The Chelsea Collection

GMT 21:20 2017 Monday ,06 February

UN resumes food air drops in Deir Ezzor

GMT 22:24 2017 Friday ,15 December

HRH Premier thanked by Cambodian counterpart

GMT 02:11 2017 Monday ,23 October

Oct24/Nov22

GMT 21:31 2017 Monday ,11 December

HM King congratulates Burkinabe President

GMT 20:22 2017 Monday ,23 October

EU deplores attack against police
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