Demand on the rise for office property

Office space in Business Bay, Tecom and the Dubai Festival City area have continued interest by investors and are on their way up. Key office locations in Dubai, especially in Business Bay and the Tecom zone, are recording high growth rates, up 35% and 31% respectively.
Festival City offices followed with a 26% increase, while Downtown saw 23%, according to the latest findings from Knight Frank, the consultancy.
“With the supply of new prime office space remaining constrained, it was enough to exert upward pressure on rents”, it reports. “Indeed, in the third quarter of this year, prime rental values rose by 2% quarter-on-quarter and were up 23% on a year earlier”.
“Anecdotal evidence suggests that some large occupiers are postponing their re-location plans, with a view to move into newly completed accommodation next year,” according to Knight Frank. “Notable schemes due to be delivered include the C1 building [part of phase one of Dubai Trade Centre District and expected to be completed in the first quarter of 2015], as well as the completion of phase one of Dubai Design District in the early part of next year”.

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