{"id":41572,"date":"2017-01-23T18:59:05","date_gmt":"2017-01-23T11:59:05","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=41572"},"modified":"2017-01-23T16:09:17","modified_gmt":"2017-01-23T09:09:17","slug":"dubais-muted-office-market-leads-to-rental-declines","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-muted-office-market-leads-to-rental-declines\/","title":{"rendered":"Dubai's 'muted' office market leads to rental declines"},"content":{"rendered":"


\nActivity 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, where top rents increased by 5.7 per cent year-on-year to Dh370 per square foot, and non-free zone space in Dubai Design District.The submarkets which witnessed the greatest declines were JLT (which saw a 22.2 per cent decline in top-band rents to Dh140 per sq ft), Garhoud (18.2 per cent, Dh90 per sq ft) and Al Barsha (18.2 per cent, Dh 90 per sq ft). Lower-band rents dropped by 14.3 per cent both in JLT and Business Bay to Dh60 per sq ft, and were largely flat, declining in nine submarkets but increasing in four.Faisal Durrani, the head of research at Cluttons, said that 2016 “was broadly punctuated by high levels of consolidation activity, notably from the oil and gas sector, but also existing occupiers looking at efficiencies through single-hub operations.”However, he added that “a lot of that activity has all-but subsided” and that government efforts to boost the technology, media and telecoms (TMT) sector were having an effect, with Internet City and Media City at the helm of a “rapidly expanding and ever-important” sector for Dubai’s economy.”However, with limited amount of space available in high demand locations, interest is likely to rise in complementary free-zones such as Dubai Science Park. Samsung, for example, has recently trebled its floor space, while Amazon Web Services announced plans to establish a new Middle East office in the emirate as it works to grow its presence in the region.”Space in Dubai International Financial Centre also remains at a premium, and with no substantial new stock due until ICD Brookfield Place completes in 2019, the shortage of available offices is “hampering activity”, according to the head of Cluttons’ Dubai office, Murray Strang.”For now, core buildings command very low vacancy rates of sub 5 per cent and we expect this to persist,” he said.mfahy@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Dubai’s ‘muted’ office market leads to rental declines<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Activity remains “muted” in Dubai’s office market, with a majority of districts in the city...<\/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-41572","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-aOw","jetpack-related-posts":[{"id":41600,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-muted-market-for-new-offices-leads-to-rent-declines\/","url_meta":{"origin":41572,"position":0},"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":41572,"position":1},"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":30341,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/office-rents-in-dubai-continue-to-fall\/","url_meta":{"origin":41572,"position":2},"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":23095,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-office-rents-remain-flat-as-companies-opt-to-stay-put\/","url_meta":{"origin":41572,"position":3},"title":"Dubai office rents remain flat as companies opt to stay put","date":"August 16, 2016","format":false,"excerpt":"\r Demand 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\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":14206,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-office-rents-face-summer-of-decline\/","url_meta":{"origin":41572,"position":4},"title":"Dubai office rents face summer of decline","date":"May 24, 2016","format":false,"excerpt":"\r Dubai's office market faces a \"challenging\" outlook, with further rental declines likely to come over the summer months after a period of relative stability, says the property consultant Cluttons. The company said that although rents held in some of Dubai's prime free zones, such as DIFC and Dubai Media\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":22221,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubizzle-says-dubai-property-market-has-bottomed-out-but-abu-dhabi-sales-and-rents-under-pressure\/","url_meta":{"origin":41572,"position":5},"title":"Dubizzle says Dubai property market has bottomed out, but Abu Dhabi sales and rents under pressure","date":"August 8, 2016","format":false,"excerpt":"\r Online classifieds site dubizzle has added its voice to the weight of opinion suggesting Dubai's property market is showing signs of bottoming out.The company's second-quarter property report showed that prices per square foot in Dubai were generally flat quarter-on-quarter, although there were variations within individual areas. Prices in Business\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\/41572"}],"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=41572"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/41572\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=41572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=41572"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=41572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}