Abu Dhabi office rents up 14%

CAPITAL COSTS: Office rents in Abu Dhabi rose by 14 percent in second quarter. (Getty Images)

Office rents in Abu Dhabi rose 14 percent in the second quarter of the year, latest figures show.

Villas and residential compounds in the capital are being converted to offices amid soaring demand, and some companies are instead choosing to set up offices in Al Ain or in the outskirts of Dubai, Khaleej Times wrote on Monday, citing a report by Dubai-based property management company Asteco.

Defence Street, a former military zone currently under redevelopment, saw the biggest gain. Rents there rose 31 percent compared to the previous quarter and now range between 1,200 and 3,000 dirhams per square metre.

Rents in the Khalidiyah area jumped 28 percent in the period and are now between 1,500 and 3,500 dirhams per square metre, the newspaper wrote.

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