Cranes are seen at a construction site at Beirut's central district in Lebanon January 4, 2017. REUTERS/Jamal Saidi
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The amount of new office space currently under construction in Beirut dropped by 1.7 percent compared to a year ago due to a big supply in the market paralleled with lower demand, said Soha Yammine, research director at RAMCO Real Estate Advisors.RAMCO's statement added that there were 37 new office projects under construction in 2015, equivalent to 195,694 square meters.Yammine told The Daily Star that the drop in new office projects under construction is due to high-supply levels in the market coupled with low demand due to a slow economy.According to RAMCO's statement, about 61 percent of the projects under construction in Beirut are located in Ashrafieh, where 20 projects are currently under way.It added that eight office projects are under construction in west Beirut.
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