A most recent data was released signifying that vacancy rates in Abu Dhabi have declined to 30 per cent in the first-half 2014 against the previous six months’ outcome of 35 per cent in the previous six months with regard to the emirate’s commercial property market.
Developers could take advantage of swelling take-up rates from first-class offices in Abu Dhabi which might go on with the positive response from the border economy.
The data shows that interest within the premium space alone accounted for almost 100,000 square meters in the first six months, with demand greatly influenced by tenants from financial, oil and gas services as well as government sectors. The take-up of space from financial services and the energy sectors showed 32 per cent of the overall commercial transactions confirmed in the period while Government owned entities put in 19 per cent.
The influx in transactions within the top-tier commercial places happened without a parallel increase in rental values.
Offices with net leasable area of not more than 100 square meters accounts to approximately 41 per cent of total recorded enquiries whereas 35 per cent came from units measured in the range of 100 to 500 square meters. The scarcity of Category A offices in the 100-250 square meter category meant that activity was lower than it would have been.