Dubai office market strengthened over Q1

19/04/2011 - Dubai Property News Posted by Bob Brunskell
Dubai office market strengthened over Q1

The Dubai office market has strengthened over the first three months of 2011, figures from Cluttons shows.More people are renting out commercial offices in the emirate as they become more affordable and more stock is made available, the report found.In addition, more businesses are looking towards high-end office space, upgrading from their current offices.However, rental prices have remained stable over the three-month period."This is an encouraging sign that the market is in recovery mode," the report stated. "However, overall, the market still shows a trend of downward pressure on rents that was seen throughout 2010, caused by the oversupply of new office stock."According to the report, Dubai remains an important base for many firms conducting business in the UAE and throughout the Middle East.The trend for increased occupancy could even rise over the rest of 2011, as Cluttons predicts that an additional ten million square feet of new office stock will come onto the market.