Abu Dhabi office rents fell 27 percent in the second quarter from a year earlier and will drop further as supply increases by more than half through 2012, Jones Lang LaSalle Inc. said.
Vacancy rates reached 8 percent in the quarter and will also probably increase over the coming years, the property broker said in a research report published today. An abundance of supply in neighboring Dubai will help push down rents, Jones Lang said.
Office rents in Dubai dropped as much as 17 percent in the second quarter as new space outstripped demand, CB Richard Ellis Group Inc. said in a separate report today."
No comments:
Post a Comment