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Unlike other markets in the world, rents across most of the Middle East are yet to recover from the effects of the economic recession. Demand remains below historic levels and this is coupled with an oversupply of prime stock. As competition amongst landlords intensifies, we expect to see an increase in tenant incentives, such as base fit-outs and extended rent-free periods. Oversupply in most of the GCC markets, particularly Dubai, Bahrain and Abu Dhabi, will continue to lower occupancy costs which will provide occupiers with cost savings. We also expect to see demand slow as a result of the instability in the region as occupiers postpone decisions in the short term.
Keywords: Middle East Chapter, DTZ, Middle East, Rent, Occupancy, Occupier, Offices, Rates, Abu Dhabi, UAE
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