'Commercial property in positive territory'

16.11.2014
The growing demand in the office market has been putting pressure on Dubai's real estate market, according to a new report. UAE commercial real estate sentiment is on the rise, with the growing demand putting upward pressure on rents across the market, according to the Royal Institution of Chartered Surveyors (Rics).
In the UAE, the occupier sentiment index (OSI) fell from +42 to +20, but remains comfortably in positive territory, the international association said.
“Growth in occupier demand continues to outpace that of supply of space to let, although less so than last quarter and as a result there remains upward pressure on rents, both in the primary and secondary markets,” it added.
James Cresswell, Head of Commercial Valuation at Cavendish Maxwell in Dubai, told Emirates 24/7: “It’s very difficult to predict what will happen with rents and capital values over the next three years. The market is growing and at the same time stabilising and maturing, but the level of supply could be a concern.

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