A view from the edge

0 utside the Beirut Central District (BCD), the majority of prime new office space is located in Hamra and Ashrafieh, especially Charles Malek Avenue. New secondary developments have also emerged in Furn el Chebak, Badaro, Sin el Fil, Verdun and Tehwita. Around the city, office centers need to be specialized and flexible to resist the BCD’s demand-pull. New office buildings in Ashrafieh and Hamra may still enjoy high occupancy, but mixed locations – especially those with a preponderance of residential units – might witness a decline in occupancy rates. Until last year, prime locations such as Charles Malek avenue (Ashrafieh) and Hamra were in high demand, with newly built offices in those areas offering flexibility in size and excellent amenities. Their location, near the BCD, Beirut’s future business center, was also attractive to tenants. In 1999, the market became inactive and investors looked more closely at prices. The majority of