During 2024, the Dubai office real estate market witnessed an increase in rates for new leases. Between 2021 and 2024, the growth was 53% due to the shortage of quality office space as well as the lack of new supply. Demand for leases in 2024 increased by 24% (than in 2023). However, there was a decrease in the average size of the leased block.

There was also an increase in demand for purchase of office premises. Almost all transactions on purchase of office real estate in 2024 were for ready-made objects.

At the moment, the total supply of office space in Dubai's main business districts cannot meet the ever-increasing demand. Since 2021, office vacancy has decreased by 8pc on average. New projects are expected to be announced in 2025, while previously announced projects are expected to be operational by the end of 2027.

Currently, Dubai's office real estate market is witnessing an increase in the number of flexible office spaces, which are in high demand among tenants.