Re­tail Mar­ket Over­view

Ekaruna - - State Of The Market -

SUM­MARY

In the last quar­ter of 2014, va­cancy rate was set at 8% as op­posed to 12% in the fourth quar­ter of 2013. In ad­di­tion, re­tail sup­ply re­mained un­changed at 2.9 mil­lion sqm in the past cou­ple of years. Pri­mary and sec­ondary av­er­age re­tail rents have con­se­quently in­creased 28% and 29% re­spec­tively year-onyear be­tween 2013 and 2014. How­ever, Dubai’s re­tail mar­ket is ex­pected to wit­ness the de­liv­ery of ap­prox­i­mately 267,000 sqm of re­tail space in 2015, no­tably Phase II of Dragon Mart, and three neigh­bour­hood cen­tres in­clud­ing The Box Park by Mer­aas.

OUT­LOOK

Rental growth is ex­pected to re­main sta­ble over the course of 2015 as re­tail sup­ply ex­pands sig­nif­i­cantly. How­ever, as de­mand from re­tail­ers con­tin­ues to be strong and new brands are set to en­ter the mar­ket and plan for ex­pan­sions, va­cancy rates are fore­casted to re­main sta­ble in 2015.

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