{"id":20772,"date":"2016-07-25T21:10:38","date_gmt":"2016-07-25T14:10:38","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=20772"},"modified":"2016-07-25T19:20:21","modified_gmt":"2016-07-25T12:20:21","slug":"abu-dhabi-office-rents-fall-but-supply-keeps-retail-rents-steady","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/abu-dhabi-office-rents-fall-but-supply-keeps-retail-rents-steady\/","title":{"rendered":"Abu Dhabi office rents fall but supply keeps retail rents steady"},"content":{"rendered":"


\nOffice 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 \u00admetre 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 to the data supplied by the broker CBRE, which also published its quarterly property figures 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-loc\u00adated 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 occu\u00adpancy rates for major malls in Abu Dhabi stood at more than 95 per cent – something unlikely to change much until two \u00admajor 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.” lbarnard@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Abu Dhabi office rents fall but supply keeps retail rents steady<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Office rents in Abu Dhabi are coming under pressure as low oil prices force companies...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-20772","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-5p2","jetpack-related-posts":[{"id":47751,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/abu-dhabi-office-rents-to-decline-further\/","url_meta":{"origin":20772,"position":0},"title":"Abu Dhabi office rents to decline further","date":"March 12, 2017","format":false,"excerpt":"\r Office rents in Abu Dhabi are expected to fall further this year as the office market continues to be hit by the mergers of some of the capital's largest companies, and lay-offs in the oil and gas sector.According to research by property broker CBRE, office rents in Abu Dhabi\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":34618,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/abu-dhabi-residential-rents-feel-the-pinch\/","url_meta":{"origin":20772,"position":1},"title":"Abu Dhabi residential rents feel the pinch","date":"November 16, 2016","format":false,"excerpt":"\r Office rents in Abu Dhabi have fallen to their lowest point in more than eight years as low global oil prices continue to slow the capital's economy. According to property broker Asteco, average office rents in prime office buildings in the capital slumped by 4 per cent in the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":34638,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/abu-dhabi-office-rents-dip-in-third-quarter\/","url_meta":{"origin":20772,"position":2},"title":"Abu Dhabi office rents dip in third quarter","date":"November 16, 2016","format":false,"excerpt":"\r Office rents in Abu Dhabi have fallen to their lowest point in more than eight years as low global oil prices continue to slow the capital's economy. According to property broker Asteco, average office rents in prime office buildings in the capital slumped by 4 per cent in the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":34640,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/abu-dhabi-office-rents-dip-in-third-quarter-lowest-in-eight-years\/","url_meta":{"origin":20772,"position":3},"title":"Abu Dhabi office rents dip in third quarter, lowest in eight years","date":"November 16, 2016","format":false,"excerpt":"\r Office rents in Abu Dhabi have fallen to their lowest point in more than eight years as low global oil prices continue to slow the capital's economy. According to property broker Asteco, average office rents in prime office buildings in the capital slumped by 4 per cent in the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":44235,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-broker-asteco-expects-abu-dhabi-rents-to-fall\/","url_meta":{"origin":20772,"position":4},"title":"Property broker Asteco expects Abu Dhabi rents to fall","date":"February 15, 2017","format":false,"excerpt":"\r Asteco has become the latest property broker to forecast rent declines in Abu Dhabi this year as 4,000 new homes are expected to come on to the market. According to the property broker's data, average rents for apartments in Abu Dhabi fell by 7 per cent in 2016 and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":43837,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/abu-dhabis-residential-rents-to-continue-to-decline-in-2017\/","url_meta":{"origin":20772,"position":5},"title":"Abu Dhabi's residential rents to continue to decline in 2017","date":"February 12, 2017","format":false,"excerpt":"\r Housing rents in Abu Dhabi look set to continue plunging for the first half of 2017 amid continuing economic uncertainty, job losses and cost-cutting measures, property brokers forecast. Chestertons Mena says villa rents in Abu Dhabi fell by 10 per cent during 2016 while apartment rents fell by an\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/20772"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=20772"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/20772\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=20772"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=20772"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=20772"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}