RAMCO: 8% Decrease in the Number of Office Building under Construction in Beirut

In their latest publication, real estate advisers RAMCO, revealed that 34 office buildings are under construction across Municipal Beirut in 2016, accounting for a total construction area of 194,863 square meters (sqm). Although the sector is still performing relatively well, activity has slowed down compared to the statistics collected 12 months ago as 8% fewer office projects are currently under construction in Municipal Beirut. It is worth noting that 24 office buildings (representing 139,099 sqm) of total projects are located in Achrafieh, mainly around Hotel Dieu, National Museum, Adlieh and Badaro neighborhoods. The average price per sqm varies between $3,500 and $4,000, reflecting stability in prices on this market compared to the previous year. Moreover, the remaining 4 office projects (representing 32,831 sqm) and 6 office projects (representing 22,933 sqm) are being developed in Beirut Central District (BCD) and Western Beirut, respectively.

Comparison between Office Buildings under Construction from 2014 to 2016

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Source:  RAMCO

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