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The cost of renting office space in Abu Dhabi looks set to fall over the coming months as more and more buildings reach completion and make their premises available.
Analysts from several of the world’s leading real estate companies expect to see typical rental costs associated with offices in the Middle Eastern city continue to fall away from the peaks they reached in late 2008.
Several office space development schemes that were expected to complete last year are only now coming on stream, which means 2011 will see plenty of new floor space made available and would-be renters in a strong position to negotiate a better deal.
A report from the UAE-based National newspaper suggests that local analysts are expecting to see more than half a million square metres of new office space introduced into the Abu Dhabi market this year, including a number of high-profile schemes in the central business district.
With many current occupiers of space in the city only tied to a single-year arrangement, there is reckoned to be plenty of scope for renegotiation and likely to be a considerable amount of office space switching in the Emirate’s capital this year.
“We expect further downward pressure,” said Matthew Green, head CB Richard Ellis’ office in the UAE. “A lot of the new projects we expected in 2010 will happen this year,” he made clear.
Always ambitious in terms of attracting visitors and businesses to the Middle East, Abu Dhabi’s leaders, and its tourist board in particular, is aiming to bring close to two million hotel guests to the city over the course of this year, Gulf News recently reported.