Dubai office rentals rose 2.1% in the third quarter

New report by Knight Frank consultancy noted the high demand for office spaces across Dubai.

A healthy demand level for premium offices in the central areas of Dubai together with low supply allowed maintaining a high price level across the sector in the emirate, a recent report by Knight Frank analytics said.

Premium office rentals stayed almost unchanged in terms of the quarterly figures, but year-on-year analysis puts them up by 2.1%, the report said. Existing and potential office occupiers in Dubai showed increased activity in form of expansions, a large number of new start-ups, which require new offices and the consolidation of different companies into a single consortiums and holdings. All this has reduced office space vacancy rates to 18% of total completed stock.

Meanwhile, Dubai developers are trying to meet all market demands and build a lot of buildings with so much needed grade A offices in the new Dubai business districts. Dubai Design District (D3) project first phase was delivered in spring this year, while the whole facility is expected to start operating by the year end. Also before the yearend office space occupiers will be able to enter new comfortable workspaces in Dubai Trade Centre and the One JLT in DMCC. And “much needed relief to the DIFC, which is almost at full capacity itself”, according to the report, would be brought by a new 50-storey Brookfield Place tower.

Developers implementing these and other commercial projects in Dubai, try to take into account new startups’ and other new business models’ needings, so that to meet new requirements of the day, Knight Frank report said.

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