Abu Dhabi prime office rents down 12%
UAE capital’s commercial sector seeing higher vacancy rates, says CB Richard Ellis report.
April 27, 2010 5:00 by Ben Flanagan
Rents for prime office space in Abu Dhabi fell by 12 percent in the first three months of 2010, in the sixth consecutive quarter of declines, according to a report by CB Richard Ellis.
The average rent for office space in the best areas is now AED2,300 ($626) a square meter, the real-estate broker said. The vacancy rate has increased by about 2 percent, according to the report.
“Landlords are becoming more and more anxious to fill their developments and to avoid long void periods,” said the authors of the report.