Soaring office vacancies reported in Dubai

Taipei News.Net
Sunday 19th September, 2010

Jones Lang LaSalle has reported that Dubai’s office vacancy levels are likely to rise to 50%.

The company said on the weekend that some offices in areas of the Dubai should be mothballed or demolished due to the over-supply.

It said vacancies would continue to rise across the Dubai market in the short term, if there was no attempt to try and limit vacant premises.

Demand for office space in Dubai is generally centered on two locations: the financial district, which includes the Dubai International Finance Center and Burj Khalifa, and the TECOM freezone, which includes Media City and Internet City.

At present vacancy rates are around 12 percent.

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