Office Completions Plummet 36% in Q1 2026 Amid West Asia Crisis
Office completions fall 36% in Q1 2026 amid West Asia crisis: Vestian
Business Standard
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In the first quarter of 2026, office completions in West Asia fell by 36% to 9.7 million square feet due to geopolitical uncertainties. Despite this decline, strong leasing demand from Gulf Cooperation Council (GCC) countries has tightened vacancies and supported rental growth.
- 01Office completions dropped by 36% quarter-on-quarter.
- 02Total completions reached 9.7 million square feet.
- 03Geopolitical uncertainties were a significant factor.
- 04Strong leasing demand from GCC countries helped tighten vacancies.
- 05Rental growth remains supported despite the completion decline.
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According to a report by Vestian, a workplace solutions firm, office completions in West Asia experienced a significant decline of 36% in the first quarter of 2026, totaling 9.7 million square feet. This downturn is attributed to heightened geopolitical uncertainties stemming from the ongoing crisis in the region. Despite the drop in new office supply, the demand for leasing remains robust, particularly from Gulf Cooperation Council (GCC) countries, which has led to tighter vacancy rates and sustained rental growth. The contrasting trends of declining completions and strong leasing demand highlight the complexities of the current real estate market in West Asia.
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The decline in office completions may lead to a tighter office market, potentially impacting rental prices and availability for businesses in the region.
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