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While office rentals in Dubai are expected to remain flat, landlords will be more inclined to offer competitive terms, especially to big clients. Read more for what to expect when searching an office to rent in Dubai.
Main factors for occupancy (and rental price) of Dubai offices are, of course, location, the age of a building, internal design and accessibility. All of these influence greatly the quality, the size and the price of an office you’ll be able to rent out in certain areas of Dubai.
Dubai office market has experiences an increased potential tenants activity, with some companies expanding and others consolidating operations. According to Cluttons consultancy, a wide range of new market participants has entered Dubai office market, with existing tenants trying to regear current leases. Office rents, nevertheless, keep the pace, according to the Cluttons Spring Office Market report.
“Upper limit headline office rents in Dubai have been affected by global economic factors, with occupiers either sitting tight, regearing leases, or continuing to consolidate operations,” says Faisal Durrani, head of research at Cluttons. “In fact, our view is that rents are set to fall AED5 per square foot to AED20. However, free zones are likely to buck this trend, with rents holding steady.”
Meanwhile, in the midterm, landlords are expected to offer more competitive terms, especially to strong covenant clients with large requirements.
“We do not expect rental rates to increase any time soon, nor do we expect them to fall drastically,” says Dana Williamson, regional director at JLL Mena.
Williamson says that new office premises entering the market won’t oversupply the market, but the amount of new stock now does exceed the rate at which companies are looking to grow.
New supply will add nee offices to such developments as (18 per cent), Dubai Trade Centre District (12 per cent), (11 per cent), Dubai Hills Estate and Deira Waterfront Development (10 per cent each) and (9 per cent). Other locations will account for up to 30 per cent of the supply.
“Within Dubai’s central business district, office vacancy rate now sits at 9 per cent, which is only slightly higher than vacancy rates in key global cities, which sit around 4-7 per cent,” says Williamson.
In search for quality large office for your company, or a nice cozy retail unit for your small business, you can always trust IMEX Real Estate. We will sort all existing options in line with your requirements and offer you the very best unit matching all your needs. When looking for properties in Dubai, trust real estate professionals with years of practice in the market. Our contacts:
Tel.: +7 903 232 80 80 Oleg Lavrik (Whatsapp, Viber, Telegram)
Tel. UAE: +971 (50) 2528188
Toll Free in Dubai: 800-IMEX (800-4639)
IMEX REAL ESTATE BROKER LLC, UAE
Office 2502, Marina Plaza, Dubai Marina, Dubai, UAE
Email: pm@IMEXre.com
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