{"id":23095,"date":"2016-08-16T22:40:47","date_gmt":"2016-08-16T15:40:47","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=23095"},"modified":"2016-08-16T21:12:04","modified_gmt":"2016-08-16T14:12:04","slug":"dubai-office-rents-remain-flat-as-companies-opt-to-stay-put","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-office-rents-remain-flat-as-companies-opt-to-stay-put\/","title":{"rendered":"Dubai office rents remain flat as companies opt to stay put"},"content":{"rendered":"


\nDemand for office space in Dubai has fallen over the past six months in the wake of the oil price rout and the economic slowdown elsewhere in the Gulf that dampened the need for commercial space, Cluttons said in a report. The consultancy’s bi-annual Office Market Bulletin found that rents for commercial property remained largely flat as companies retrenched staff and considered future strategy. It said decisions on whether to acquire, expand or move had largely been put on hold, which has led to an exaggeration of the typical summer season slowdown. Rents remained largely stagnant in the second quarter, with falls in six out of 22 submarkets. Rents in older buildings in certain areas fell, such as Garhoud (18 per cent), Al Barsha (10 per cent) and Deira (5 per cent). However, there were a few submarkets that reported gains at the upper end of the market such as Dubai International Financial Centre (DIFC) with a 6 per cent increase and in Tecom with a 7 per cent increase.”Free-zone areas have remained in relatively high demand,” said Murray Strang, the head of Cluttons’ Dubai office. “This includes areas like Tecom’s Dubai Internet City, Media City and Knowledge Village, DIFC and Dubai Design District, which all contain internationally recognised Grade A space.” He said that prime areas of these free zones have low vac\u00adancy rates of about 5 per cent, compared with 20 per cent in Sheikh Zayed Road.The consultancy said that despite the flat market, it did not expect significant falls in commercial rents. Faisal Durrani, the company’s head of research, said that it expects “a period of minimal rental change for at least six to nine months before there are any signs of an uplift”.According to Dubizzle’s most recent second-quarter report, the most popular areas in Dubai for buyers of commercial property are Business Bay (Dh1,200 per sq ft), Jumeirah Lakes Towers (Dh1,094) and Downtown Dubai (Dh2,850). The most popular areas for renters were Deira, Business Bay and JLT.mfahy@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Dubai office rents remain flat as companies opt to stay put<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Demand for office space in Dubai has fallen over the past six months in the...<\/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-23095","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\/p75ss1-60v","jetpack-related-posts":[{"id":30341,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/office-rents-in-dubai-continue-to-fall\/","url_meta":{"origin":23095,"position":0},"title":"Office rents in Dubai continue to fall","date":"October 17, 2016","format":false,"excerpt":"\r Office rents in Dubai continued to come under pressure in the third quarter of the year as companies retrenched staff and considered future strategy.According to the latest Dubai Office Report from Core Savills, average office rents in nearly half (six) of the submarkets the broker analyses fell during the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":41572,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-muted-office-market-leads-to-rental-declines\/","url_meta":{"origin":23095,"position":1},"title":"Dubai's 'muted' office market leads to rental declines","date":"January 23, 2017","format":false,"excerpt":"\r Activity remains \"muted\" in Dubai's office market, with a majority of districts in the city reporting flat or declining rents, according to Cluttons.The firm's Spring 2017 Dubai Office Market Bulletin reported declines in top-band rents in 15 out of 23 submarkets monitored, and increases in only two \u2014 DIFC,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":41600,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-muted-market-for-new-offices-leads-to-rent-declines\/","url_meta":{"origin":23095,"position":2},"title":"Dubai's 'muted' market for new offices leads to rent declines","date":"January 23, 2017","format":false,"excerpt":"\r Activity remains \"muted\" in Dubai's office market, with a majority of districts in the city reporting flat or declining rents, according to Cluttons.The firm's Spring 2017 Dubai Office Market Bulletin reported declines in top-band rents in 15 out of 23 submarkets monitored, and increases in only two - DIFC,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":51484,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-skyscraper-rents-among-the-lowest-in-major-global-cities\/","url_meta":{"origin":23095,"position":3},"title":"Dubai skyscraper rents among the lowest in major global cities","date":"April 10, 2017","format":false,"excerpt":"\r Office space rents in Dubai have not increased in two years as supply continues to outweigh demand, making the emirate six times cheaper than Hong Kong, the world's most expensive office market.Dubai commercial rentals in buildings over 30 storeys have cost US$43.55 per square foot for the past two\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":38588,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-rents-to-fall-in-2017-as-new-homes-come-to-market\/","url_meta":{"origin":23095,"position":4},"title":"Dubai rents to fall in 2017 as new homes come to market","date":"December 19, 2016","format":false,"excerpt":"\r Thousands of new homes mushrooming up in Dubai's new suburbs and a continued economic slowdown will keep rents falling in 2017, brokers predict.According to property broker Core Savills, housing rents in Dubai's suburbs could fall by up to 4 per cent next year after dipping by up to 5\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":36154,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/northern-emirates-rents-stay-flat-after-falling-earlier-this-year\/","url_meta":{"origin":23095,"position":5},"title":"Northern Emirates rents stay flat after falling earlier this year","date":"November 27, 2016","format":false,"excerpt":"\r Housing rents in the UAE's Northern Emirates remained largely flat during the third quarter after falling in the first part of the year in line with the performance of the Dubai market.Sharjah and the other Northern Emirates, located within commuting distance to Dubai, have traditionally been seen by many\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\/23095"}],"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=23095"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/23095\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=23095"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=23095"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=23095"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}