According to a new report by Cushman & Wakefield, retail rent recoveries in the Middle East are lagging behind from the rest of the world:
While more than 80 percent of global retail markets saw a rebound in rents over the past year, prime rents in the Middle East either fell or remained static, the study showed.
[…]
The declines were particularly severe in Bahrain (26.7 percent), Syria (16.7 percent) and Jordan (7.7 percent), while the UAE (three percent) and Qatar (2.2 percent) registered more modest falls.
Rental uplift was confined to Lebanon (5.2 percent), where values in the top shopping areas of Beirut proved resilient to external factors.
According to the same report, the top three malls in the Middle East (based on rental prices) are:
- ABC Center Achrafieh in Beirut (ranked 37th globally)
- Raya Mall in Kuwait (44th)
- City Stars in Cairo (48th)
Souk Tawileh in Beirut Souks - A.K.Khalifeh
Wait… So you’re saying rent prices in ABC are higher than those of Dubai Mall or Mall or the Emirates???
Based on 2010 data, rent at ABC Ashrafieh is $139 per square foot while at Mall of the Emirates, its $110.