Office buildings on the rise
Developers prefer Adlieh-Badaro area
32 office buildings are under construction in Beirut, according to a survey by Ramco, real estate advisors. The total built-up area represented by these projects is around 148,000 square meters.
The survey said the commercial market has attracted developers due to the current slowdown in residential sales activity.
Around 75 percent of these projects are up for rental. Around 66 percent (18 buildings) are located in the Adlieh, Corniche el-Nahr, and Badaro areas. The average selling price is $3,500 per square meter.
A&H Construction and Development is developing ‘Le Bureau’ near the National Museum (Mathaf), and ‘Les Étages’ in Adlieh. “Many banks are opening branches in these areas. Doctors and lawyers are also interested in being close to their syndicates in the region,” said Rita Nehme, Sales and Marketing Manager at A&H Construction and Development. Offices in Le Bureau are selling for $4,000 per square meter. In Les Étages, the selling price is $3,500 per square meter, and rental prices are set at $250 per square meter.
Ras Beirut, mainly Hamra and Clemenceau, hosts ten new developments with a total built-up area of 25,300 square meters. The average selling price there is $5,250 per square meter.
Beirut Central District, a business destination for many firms, has four upcoming developments. The selling price of an office unit there is $7,000 per square meter.
Reported by Yassmine Alieh
Date Posted: Sep 10, 2013