Sociable

Sunday, September 19, 2010

Dubai Financial Center Office Vacancies Could Reach 40% On Oversupply

I like to just cover So Cal and a few other areas.  But look at the vacancy rate in Dubai.
Vacancy levels in Dubai's financial center are predicted to peak between 30% to 40% in 2011 and 2012, but then are expected to decline to 10% to 15% by 2014.
In areas outside the central business district the outlook is worse, with vacancy rates likely to increase to over 50%, the report said, adding that the emirate should consider mothballing projects or in some cases convert construction sites into other uses such as car parks or golf driving ranges
And look at the housing picture
The research is another blow to Dubai's property market, where house prices tumbled 50% during the financial crisis and are yet to recover as supply surges ahead of flagging demand.

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