Tuesday, May 15, 2012
1301 GMT [Zawya Dow Jones]--CBRE says lease rates in Dubai's commercial office sector are likely to remain broadly unchanged in 2012 despite an expected improvement in the emirate's economy and overall business environment as more new stock enters the market. However, Dubai's central business district "is expected to see further improvement in occupancy levels due to limited new stock, the availability of fitted office space, increasingly competitive lease rates and landlord incentives. Stock in the CBD is expected to grow by around 66,000 square metre during the year, of which around 30% is already committed for occupation," CBRE says in a note Tuesday. Adds secondary and tertiary locations will again struggle in terms of occupancy and lease rates as supply is comfortably exceeding demand in these areas.
(tahani.karrar@dowjones.com)
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
15-05-12 1302GMT
