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Cluttons, the real estate specialist which has enjoyed a dedicated Middle Eastern presence since 1976, has issued its market report for Dubai’s office and retail property sectors for the first quarter of 2013.
The first few months of the year have been characterised by increased consumer confidence and demand for office space that Cluttons predicts will encourage previously stalled developments to restart.
Dubai’s retail sector continues to show considerable activity and is led by the pull of the Dubai Mall as a global retail destination.
Despite predictions of price rises, Dubai’s office market is very fragmented, with several submarkets struggling to attract tenants.
However, some locations have seen a rise in rents over the past six months. This has been apparent particularly in areas that suffered most from the property collapse of 2008, including new business districts such as Jumeirah Lakes Towers (JLT), Tecom C, Al Barsha and Business Bay, where commercial rents had previously fallen by as much as 50%.