(MENAFN) Dubai has reportedly seen a 4.3 percent slowdown in its average office rents during the first quarter of this year, even after witnessing better levels of activity.
Knight Frank Dubai said in its Commercial market update that prime office rents reported a 1.4 percent decline, with grade A rents recording a 7.4 percent year-on-year drop.
Knight Frank' Commercial Leasing partner Matthew Dadd commented "the current market is very much a tenant-favoured market."
Dadd added "as a result, some landlords are becoming more proactive in ensuring the longer term performance of their asset. The manner in which this has been carried out is similar across both fully fitted and shell and core products where incentives such as rent free periods, delayed rent escalations and free parking are being offered to entice tenants."
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