Abu Dhabi – Mubasher: Average housing rental rates in Abu Dhabi fell by around 2% quarter-on-quarter in the third quarter of 2016, according to the latest report by CBRE.
“Despite the overall drop in rents, some affordable yet relatively inferior housing products have still managed to demonstrate modest rental growth or have remained flat,” the report highlighted, adding that “this underlines a general market shift towards affordability”.
Demand fell as a number of businesses are considering actions to streamline operations, including staff reductions, office downsizing, and sub-leasing of excess accommodation.
Secondary office rentals slid by around 2% observed during Q3-16, a 9% fall from the same period of 2015.
"Shell and Core office units within Grade A accommodations remain priced at an average of AED 1,850 per sq m/annum," the report highlighted.
