http://www.kippreport.com/kipp/office-vacancies-in-dubai-more-than-double-says-jones-lang-lasalle/?subid=1: "Office vacancies in Dubai more than double, says Jones Lang LaSalle
Office space vacancies have more than doubled in Dubai to 16 percent from 7 percent since July 2008, says a report by property consultant Jones Lang LaSalle. The report, published on Monday, states that an additional 4.7 million square feet of office space have come onto the market since the second half of 2008, bringing the total to 29.5 million square feet.
“This headline figure, however, does not reveal the true story,” the report said. “Because of the barriers to entry into free zones, there are pockets of higher vacancy in areas such as the Technology, E-Commerce and Media free zone (TECOM), Jumeirah Lake Towers and Dubai Multi Commodities Centre (DMCC).”
The report also claims that over 50 percent of proposed projects planned between 2009 and 2011 have either been cancelled or delayed. Consequently, the property consultant reduced its estimate of total additional supply for 2009 to 2011 from 70 million square feet to 34.6 million square feet."