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Kuwait Office Overview - Q3 2011

  • Although the country remains reliant on the oil and gas industry, government diversification plans that were put in place earlier this year should lead to greater levels of economic diversity and stability across Kuwait.

  • Of the total office stock of 1.2 million sq m, approximately 30% (400,000 sq m) is Grade A. Occupiers continue cost cutting and there has been an increase in second hand space entering the market as more companies consolidate their operations. The market has become increasingly tenant favourable.

  • Rent levels peaked in mid-2009 at an average of KWD 12-15 sq m per month. Since the onset of the financial crisis, rents in some areas have fallen by as much as 50% with modern offices quoting KWD 6 sq m per month. With demand levels still subdued, further downward pressure on rental levels is expected over the next 6-12 months.

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