With over half of office space in some of Dubai’s major business areas sitting empty landlords are resorting to unusual measures to get tenants in.
Property agents have reported that rents have fallen by as much as 45% and that office space on the Sheikh Zayed Road, home to the majority of Dubai’s famous skyscrapers and a major thoroughfare in the UAE, is only 60% full. The result has been a very competitive market for prospective landlords with some in Dubai now offering up to two years free rental if a five year lease is signed.
Other attempts to lure tenants in have included additional parking spaces being made available and landlords paying for offices to be ‘fitted out’ according to the tenant’s requirements. It is unlikely that office rent will rocket in the years ahead with approximately 2.7 million square meters of new office property expected on the Dubai market by the end of 2011.Sarah O'Connell, Staff Writer, Gulf Jobs Market