Commercial office stock in Bahrain is set to increase by 5% in 2019, according to global property consulting firm CBRE.
The firm revealed that Grade A and B gross leasable area (GLA) has risen to 1.33 million sqm, with the majority of supply within these grades in Manama, with Seef District accommodating 41pc.
CBRE data reveals that average monthly rents have remained stable year-on-year at BD6 per sqm and monthly prime commercial rents top out at BD10 per sqm.
The country has been experiencing an imbalance in supply-demand since the global economic downturn almost a decade ago and CBRE predicts that this is set to continue.
CBRE Bahrain associate director Heather Longden said, “Although we are continuing to witness subdued demand in commercial office space, there is definitely room for optimism, especially for developers and landlords that strive to meet the needs of the modern business community. In the short to medium term, it will be very important for developers and landlords alike to diversify their offerings and ensure they provide the most innovative workplace solutions to successfully attract new tenants whilst retaining existing valued tenants.”
Bahrain continues to be the best destination for expats to work, live and raise a family in the Middle East and North Africa, according to the report came days after the 2019 InterNations Expat survey.