A lack of Grade A

Though many of Beirut’s 130 downtown office buildings are in need of tenants, its Grade A office sector is suffering the opposite problem. Most of the Beirut Central District’s (BCD) premium offices are fully occupied and the supply is badly in need of restocking, as few developers have delved into that risky terrain in the last few years.‘Grade A’ typically refers to those offices in prized locations that feature top of the range interiors, facilities and services, and the shortage of quality supply was a factor helping Beirut earn the dubious honor of being fourth most expensive city in the Middle East and North Africa for office rent in Cushman & Wakefield’s February report. Moving out Office occupancy is at 75 percent in the BCD, the highest in a decade, according to Karim Makarem, director at Ramco real estate advisory. But most of the 100 to 250 square meter offices