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With the surge in land values, developers are building with a smaller footprint and opting to increase the number of floors, giving rise to an increasing number of skyscrapers being built in the city. Overall the real estate market remains buoyant with
cranes continuing to go up as the city's economy maintains its positive growth trend.
The development boom is, however, beginning to put downward pressure on rentals and average rates in the office and hotel market while new retail developments enjoy higher rental rates. With demand trending towards better quality buildings, vacancies in new builds, primarily in office developments, are expected to be absorbed in the short to medium term.
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29 May 2017