OF­FICE RENTS TO DE­CREASE

7 Days in Dubai - - BUSINESS -

Of­fice rental prices are ex­pected to drop by 10 per cent in Shar­jah and by 5 per cent in Dubai and Abu Dhabi in 2016. Ac­cord­ing to a re­port by real es­tate con­sul­tancy Clut­tons, the im­pact of the soft­en­ing global econ­omy con­tin­ues to ham­per the UAE’s of­fice mar­ket as re­dun­dan­cies in the oil and gas, fi­nance and bank­ing sec­tors have sti­fled de­mand for of­fice space across the emi­rates. Faisal Dur­rani, head of re­search at Clut­tons said: “Global eco­nomic head­winds in the form of the Chi­nese slow­down, the era of $40 per bar­rel oil and the global fall out as a re­sult of Britain’s de­ci­sion to leave the EU are growth damp­en­ers for the UAE.”

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