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Dubai office rentals rose 2.1% in the third quarter

11.10.2015
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.

Latest Availability
RENT
125,000 / year
Ref.No: OF1209
Office
1,655 ft2
76 AED/ft2
RENT
58,500 / year
Ref.No: OF662
Office
1,300 ft2
45 AED/ft2
SALE
730,000
Ref.No: AP165
Studio Apt
630 ft2
1,159 AED/ft2
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Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

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Ad placement

1 day

Ad placement:
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Up to 2 days

Signing of the lease agreement
Expenses of the seller:

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Lease process (Rent)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.
Real estate search.

Up to 5 days

Real estate search.

Selection of optimal options.

Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the lessee:

-5% agency commission of the annual contract price

Additional services:

None

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Contract of the tenant and agency.

1 hour

Contract of the tenant and agency.
Property Selection

~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

Registration of the contract of purchase / sale

1 Week

Registration of the contract of purchase / sale
Customer charges:
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  • 4% - registration of the transaction at registration
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Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

None

the management process
Contract of the owner and agency

1 hour

Contract of the owner and agency
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1 year

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1 day

Reporting
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5% of the annual rental price

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From 3 days

Selection of optimal investment options
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1 Week

Registration of the contract of purchase / sale
Expenses of the investor:
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