RAMCO’s March. 2019 study on the “office market segment” in Beirut revealed that 24 office projects are currently under construction in Municipal Beirut, compared to 28 projects in 2018. Similarly, the projects took up a total office space of 113,127 square meters (SQM), down by an annual 31.34% from 164,754 SQM recorded in 2018. It is important to note that these office projects are those listed for sales or rental & exclude those used as headquarters for private companies.
According to RAMCO, “the business real estate market in Beirut is in crisis, the stock of unsold offices completed during the past few years is on the rise, which proves that the market starts to reach saturation point.”says Karim Makarem, Founder and Managing Director of RAMCO sarl.
The regional breakdown revealed that nearly 54% of the office stocks (12 out of the 24 office projects) are being constructed in Ashrafieh, down from 16 in 2018. Moreover, ten out of 24 projects lie in the western part of Beirut, noting however that the total office area in this region rose by a yearly 13% to 42,515 SQM in 2019. Meanwhile, Beirut Central District (BCD) has only two projects located along Fouad Chehab Avenue, offering a total of around 9,500 SQM of office area.
Office Projects under Construction in Municipal Beirut
|Year||Number of Projects||Office Area (SQM)|
Source: RAMCO sarl – March. 2019