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Despite vacancy rates improving from 35 per cent in the second half last year to 30 per cent in the first six months this year, rents for Grade A shell-and-core offices in Abu Dhabi continued to trend down, according to a Knight Frank report.
This was primarily due to the fact that the majority of total take-up in the first six months of the year was in the prime segment, where rental rates stabilised.
Between January and June, more than half of all office take-up was by government and government- related entities, as well as oil and gas and financial firms.
Over the same period, real estate 01 per cent), general trading (9 per cent) and leisure and hospitality (9 per cent) companies also had healthy levels of absorption.
Around 41 per cent of total inquiries were for offices 100 sq m or less. Queries for units between 100 sq m and 500 sq m (35 per cent) were also strong, but the lack of availability at the lower end of this bracket slightly weakened the leasing activity.
The remainder of inquires (24 per cent) were for office units 500 sq m and above. Furthermore, most of the newly completed office stock in the first half was absorbed by government-related entities or owner-occupiers.
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Source: Property Weekly