JLL: Dubai retail market to stagnate for remainder of 2015.
Jones Lang LaSalle IP Inc. noted in its Dubai Real Estate Market Overview for 1Q15 that retail rents have risen by 16% y-o-y for both primary and secondary space. The vacancy rate has fallen by 2pp to 8%. Economic problems in Russia and the weakness of the EUR have caused retail spending to fall. JLL expects that the retail market will remain stagnant for the remainder of the year. New supply of GLA in the last nine months of 2015 should amount to 194,000 square metres.
Source : 31 March 2015/JLL/Dubai/RET