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Muscat Office Overview - Q3 2011

  • Despite the continuing regional and global uncertainty, indicators suggest that Oman’s economy will continue to grow in 2011 with growth focussed mainly on the oil and gas and hospitality sectors of the economy. Muscat is also experiencing growth in the general business and industrial sectors that is expected to continue for the next five to ten years.

  • The stock of modern, purpose built office space in Muscat has increased dramatically over the last few years, stimulated by economic and demographic growth and the government’s diversification and privatisation initiatives. Existing graded stock totals approximately 600,000 sq m, the majority of which comprises Grade B space. Buildings that meet with international corporates’ requirements remain in limited supply. However, this is set to change over the next 12 months with the current supply pipeline expected to add between 200,000 and 250,000 sq m of commercial space to the market in the next five years.

  • As the commercial landscape transforms and new supply is delivered to the market, we expect to see further rental falls as landlords begin to compete on offering quality, service and incentives to retain and attract office occupiers.

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