Office rents in Abu Dhabi are experiencing a rise, as its economy and employment levels continue to grow. A recent report by real estate company, Knight Frank, shows that office rents in 3 out of 6 prime locations in the city rose by 3.5% to 12% in 2022.
Office space is becoming scarce in the UAE’s capital, and many popular buildings are already full, with occupancy rates beyond 95%.
In 2022, there was a demand for about 344,900 sq. ft. (32,000 sq.m) of new office space, 5% up from 2021. The banking and finance industry accounted for the majority of the new demand, at about 20%.
Faisal Durrani, Head of Middle East Research at Knight Frank, stated that Abu Dhabi’s office market has taken longer to bounce back from the pandemic compared to Dubai.
However, the economy has been growing recently, and this has made the market better. Also, more jobs are being created, leading to increased demand for new offices.
