Dubai's office market is forecast to see demand of around 4.5 million square feet over the next year, with rents expected to remain flat, according to the latest analysis from CBRE.
After four straight quarters of flat growth in the emirate's office market, the rental outlook for 2012 is ‘one of continued stability, albeit with attractive landlord incentives on offer’, the real estate consultants said.
It added that an estimated 25 million square feet of office space could enter the market by 2014. However, based on past market experience, construction, infrastructure and handover delays, this figure could be reduced by 20 to 30%, said Nicholas Maclean, managing director, CBRE Middle East.
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