A global real estate consultancy has lowered its three year forecast for future office supply in Dubai by 30 per cent, Emirates 24/7 can reveal.
“Beginning of this year, we were expecting 2.6 million square metres to be delivered between 2011 and 2013. With many developers experiencing cash flow problems and the failure of master developers to provide infrastructure in many areas, we have decreased our estimate of future office supply to around 1.8 million square metres,” Craig Plumb, head of research, Jones Lang LaSalle (JLL) told Emirates 24/7.
Total office stock was about 5.6 million square metres at the end of second quarter. Around 600,000 sqm of office space was expected to be completed over the second half of the year, bringing total stock to around 6.2 million sqm.
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