Dubai office rents fall 17% in Q2
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Dubai office rents fall 17% in Q2

Dubai office rents fall 17% in Q2

According to a report by CB Richard Ellis, office rents in Dubai had dropped by as much as 17% in the second quarter, as new supply put pressure on landlords, Bloomberg has reported. Office supply is increasing by about 5% per quarter in Dubai, mainly in areas including Port Saeed, Al Mamzar, Airport Road and Diyafa Street, according to CBRE. About 240,000 square metres of commercial space became available in areas such as Al Barsha, Tecom C and Jumeirah Lakes Towers, Matthew Green, head of UAE research at CBRE, said in the report. Rates at the Dubai International Financial Centre dropped by 7.5% to Dhs3,982 ($1,084) a square meter when offered by DIFC authority and Dhs2,690 to Dhs3,014 when offered by private developers, the report said.

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