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Office space oversupply may pressure Oman rentals
- Oman: Monday, November 26 - 2012 at 05:53
Kuwait-based Global Investment House has said the upcoming supply of new buildings in Oman is expected to outpace growth in demand and hurt rental rates in the coming quarters, Muscat Daily has reported. Furthermore, supply of lower-grade buildings is expected to increase in the near future, especially in subprime locations, thus posing a concern for the already-declining rental rates in such areas, the report said. Nonetheless, demand remained strong for small, fully furnished 50-250 sq m office spaces in prime locations, it added. Although the Omani real estate market remained buoyant in 2012, the residential rental market suffered from an undersupply of quality stock that suited tenant requirements, the report noted.
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