New accounting rules that took effect in January are predicted to increase demand for flexible offices worldwide . Eastern promise Around 46 percent of the office space analysed in JLL's report was taken by local companies, and a further 39 percent was taken by Western firms. IFRS 16 requires companies to include leases longer than 12 months and worth $ 5,000 or more as liabilities on their balance sheet . That will result in fewer firms committing to longer leases , Colliers International Regional Director Ian Albert told the Cityscape Global conference in Dubai . The changes will also have repercussions on commercial lease valuations and sale - and - leaseback deals , which have become more prominent with the growth of real estate investment trusts , Albert said .
New accounting rules that took effect in January are predicted to increase demand for flexible offices worldwide . IFRS 16 requires companies to include leases longer than 12 months and worth $ 5,000 or more as liabilities on their balance sheet . That will result in fewer firms committing to longer leases , Colliers International Regional Director Ian Albert told the Cityscape Global conference in Dubai . The changes will also have repercussions on commercial lease valuations and sale - and - leaseback deals , which have become more prominent with the growth of real estate investment trusts , Albert said .