Rents in Dubai’s commercial real estate sector are showing the first signs of levelling off, according to research from CB Richard Ellis (CBRE), the world’s largest commercial real estate services company.
“We are seeing now for the first time a drop of commercial rental prices. Property purchase prices have been coming down for some time now, but rents had until now been holding strong,” managing director Nick Maclean said.
Prime rents in each of the three main commercial real estate sectors – industrial, office and retail, remained static in the fourth quarter of 2008, after a period of very strong growth since 2007.
Dubai retailers are blaming high rents in the city’s malls for prices that are now up to 50 percent higher than in Europe and North America.
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