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English news

31-Jul-2016

Abu Dhabi office rent drops c3% Y-o-Y in 2Q

Abu Dhabi offices, Grades A and B, saw a c3% Y-o-Y drop in rental rates in 2Q16, according to a recent report by JLL report, with the overall vacancy rate marginally increasing. JLL expects the market-wide vacancy rates to further increase, but expects Grade A vacancy to remain relatively low and their rents to be broadly upheld, as a result. The report said that the total office stock reached c3.5mn sqm, with the completion of ADNOC HQ on the Corniche and Bloom Central on Airport Road. c145,000 sqm is expected to enter the market before the end of 2016 including ADIB HQ on Airport Road and Leaf Tower on Reem Island. (Arabian Business)

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