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FinancialNews
22-11-22
Rental costs increase as request for advanced office space surges in UAE, KSA
(MENAFN) As request for advanced office space carries on to surge in the Middle East area, the UAE’s two massive business centers– Dubai and Abu Dhabi – are anticipated to experience rental levels surging due to the occupiers’ push for "flight to quality", as shown by international real estate consultancy Knight Frank.
While total office rents have been strong in Dubai and Abu Dhabi, the request for Grade A office space is carrying on to surge due to robust occupancy rates as additional provision stays limited, analysis from the company indicates.
Dubai alone had a request of 265,000 square feet of additional office space throughout the July-September period of 2022, with the Knight Frank figures indicating that the town has experienced 739,000 sq. ft of extra office request up to now in 2022.
Faisal Durrani, partner – chief of Middle East Research at Knight Frank, noted that the largest issue for the market is a deficiency of major Grade A space.
“With just 2.9 million square feet due to complete between now and 2025 and with Grade A occupancy levels hovering at around 90 percent on average – even higher for some of the most sought-after buildings – occupiers entering the market or looking to expand are faced with a very limited number of options,” he also stated.
MENAFN22112022000045014228ID1105216453
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