Results 2023 | Dubai | Office market
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Results 2023 | Dubai | Office market
21 февраля 2024
Office Dubai
Compared to 2018, there has been a multiple increase in demand (more than tripling) for new office space. In 2023 73% of lease transactions were new leases and 27% were renewals of existing leases. Some of the most developed and sought-after business districts in the Emirate are Business Bay, Downtown Dubai, Jumeirah Lake Towers (JLT), Trade Center 1, Trade Center 2 and Barsha Heights. The supply of offices in these locations is limited, therefore rental rates are high and growing fast.

As of the end of 2023, the office space in Dubai totaled to about 125.26 million sq ft (11.64 million sq m), with leasable area alone taken into account. The occupancy rate in Dubai’s office real estate market has already exceeded the pre-Covid level, standing at 85.9%.

Developers had long overlooked this segment. As a result, there are very few modern quality office buildings, the main supply consisting of buildings with an average age of 15 years. In the meantime, the planned commissioning of new buildings for the next three years is way behind the burgeoning demand and is mainly concentrated in free economic zones, which creates some obstacles for companies that are primarily interested in offices located in Dubai mainland.

In addition to classic offices, there is high demand for flexible office spaces and serviced offices that provide turnkey high-end solutions for efficient business operations.
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