Ilm3 Essay

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Highlights
• Rental rates have shown signs of recovery, but this is limited to prime
buildings in the best locations. Secondary buildings have continued to
witness downward pressure.
• The flight to quality that has been witnessed over the last 12 months
continues as occupiers take advantage of good quality office
accommodation at more affordable prices.
• Supply will continue to be absorbed by tenants consolidating their
operations and taking advantage of cost saving solutions.
• Although the secondary market is expected to continue to struggle
throughout 2013 the best buildings will attract the overflow from
prime buildings.
research
Q1 2013
Dubai
OFFICES
Market update
Q1 2013
DubaI OFFICES
Market update
MARKET VIEW
• As has been the recent trend; best in class, prime office accommodation will continue
to attract the best quality tenants and as these properties are in short supply rents
may increase.
• Although the secondary market is expected to continue to struggle throughout 2013 the
prime buildings will attract the overflow from prime buildings.
• Supply will continue to be absorbed by tenants consolidating their operations and taking
advantage of cost saving solutions.
• Landlords in prime locations can afford to be less flexible with incentives whereas landlords
in secondary locations will have to remain flexible to attract tenants.
Market comment
• The Dubai office market continues to witness an increase in supply with a further 260,000 sq m
being introduced to the market over the last six months.
• Office stock continues to be introduced to the market and while vacancy rates are not increasing
at the same rate as previously, demand is not at a level where it is outweighing supply.
• The flight to quality that has been witnessed over the last 12 months continues as occupiers
take advantage of good quality office accommodation at affordable prices.
• The current absorption of office accommodation at the Standard...

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