CB Richard Ellis reports office rents for so-called "strata" buildings in the Dubai International Financial Centre are down 30 per cent in the past year, which is troubling news for developers such as Union Properties.
The DIFC is one of Dubai's prime office markets, attracting global financial companies. Goldman Sachs, Barclays Capital and Citibank have leased substantial amounts of space in DIFC this year.
The vacancy rate in buildings not controlled by the Government in the DIFC is about 20 per cent, compared with about 45 per cent for Dubai in general, according to Matthew Green, CBRE's head of consultancy.
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