188 new offices added to Dubai office property stock

22.07.2016
Dubai developer Tanmiyat’s handed over The Exchange Tower, a new office center in Business Bay.

The Exchange Tower, located opposite the JW Marriot Marquis, will include 188 Grade A offices together with some retail premises and other conveniences, such as lounge zones and conference halls. Almost all offices had already been pre-leased, as offices in Business Bay are of great demand among international companies wishing to position themselves in the local market and rent a prestigious office in the city center. Positive impact of the Expo 2020 is also at place making more companies want to relocate to Dubai and new start-ups entering the market.

In the whole, Dubai remains two tiered office market, with strong demand for single owned Grade A offices, but little interest in secondary locations.While Grade A spaces with developed infrastructure and surrounding amenities are retaining rental levels, demand has slowed down in the remoted and poorly rated areas and business centers.

In the coming years Dubai developers will bring a bunch of new office property offers to the Dubai real estate market. Thus, rentals for Grade A offices supposedly won’t go up and the occupancy level, which now stands at 78% for Dubai, will decline, experts forecast.

For the record, last year’s Grade A offices supply added about 700,000 square meters of new office space to the market. Thus, to date, Dubai’s office property stock is about 8.3 million square meters.

The most of new office buildings are being built in ​​Business Bay (26%). Other districts, such as Dubai Marina, Barsha, TECOM and Logistics City also saw a substantial increase in office stock for lease.

But if you would really prefer an exquisite brand-new spacious Grade A office at the center of Dubai, IMEX has a special offer for you: a 1580 feet office with a sea view in The Exchange Tower for just USD47,326 pa, or a number of other ready-to-move-in offices for rent in Dubai’s main central locations like Dubai Marina, JLT and Business Bay.

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