The main office clusters in Dubai, primarily Tecom / Barsha Heights and the Dubai Design District (d3), recorded high levels of occupancy as rents are bottoming out in 3Q 2016, according to Core Savills’ latest report (pdf) on the Dubai office market.
After noting “a sharp annual drop of more than 20%, rents seem to have finally bottomed out,“ according to Core Savills, while there were no changes to the lower rental range.
With regard to occupancy rates, Tecom exceeded 90% occupancy in most towers, while d3 has already leased out 85% of its first phase. Office spaces such as Emaar Square and Boulevard Plaza witnessed an increase of 5% in the upper rental range. Free zones tended to attract a higher occupancy demand than most properties in other locations.