Empty buildings and hotel rooms in Dubai
Thursday, March 12th, 2009Empty office space in Dubai has doubled to 16% in the past six months, according to Jones Lang LaSalle, the property and investment firm.
In its February 2009 “Dubai City profile – A Review of the Dubai Property Market”, new research shows that vacancies in Dubai’s office market are at the highest rate ever recorded.
The report states: “The turmoil in the global economy is continuing to cause volatility and uncertainty in the Dubai real estate market. The major economic influences on the market include the significant slowing of economic activity, falling employment levels and a severe tightening of credit.”
An additional 4.7 million square ft of office space was released into the market in the second half of 2008, bringing the total stock to approximately 29.5m square ft; an increase of almost 20% over six months.
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