Dubai office market performed best in 2015

Dubai’s commercial property stock supplied with another 700,000 square meters in 2015.

The annual report from the JLL consultancy revealed that Dubai’s office real estate sector has shown the best results in the industry in 2015.

The number of Grade A offices increased in 2015, with 700,000 square meters of new office space entering the market. Thus, to date, Dubai’s commercial property stock is about 8.3 million square meters.

Most new office buildings were built in Business Bay (26%). It is followed by Dubai Design District, where 17% of the new offices appeared in 2015, as well as TECOM and Logistics City with 13% of new office space.

Dubai commercial properties map was also marked with new interesting locations such as Dubai Trade Centre District, where the first office building was constructed 2015, while another 600,000 square meters of office space are planned for completion in 2016-2017.

The JLL report said: "Dubai remains two tiered office markets, with strong demand for single owned Grade A office, but little interest in secondary locations.

"While Grade A space with developed infrastructure and surrounding amenities are retaining rental levels, demand has slowed down throughout 2015."

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

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