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Office rents in Dubai skyscrapers among the world’s most affordable

22.04.2016
Office rents in Dubai skyscrapers among the world’s most affordable
Knight Frank’s experts have calculated to what extent office rents in Dubai are cheaper than in London and Hong Kong.

Today it’s quite difficult to find free Grade A office for rent in central Dubai, in areas such as Business Bay, Dubai Marina and Downtown Dubai. This is not surprising given that, with all economic benefits Dubai has to offer to large companies, office rentals here remain one of the lowest globally.

Knight Frank’s research revealed that average office per sq m rentals in central areas of Dubai currently stand at USD 470, which is about six times cheaper than in Hong Kong and three times cheaper than in London, where one square meter of office space can be rented at an average of USD 2850 and USD 1360, respectively. To calculate the average rentals Knight Frank analysts used the Skyscraper Index.

The report analyzed rentals in the world’s commercial buildings having more than 30 floors in height. According to the research, real estate office market in Dubai stays mainly two-tiered, meaning that, on one hand, the demand is growing for high-quality large spaced Grade A offices in ​​central areas, thus keeping their rental stable. On the other hand, offices supply in remote areas and free zones is growing, which, however, does not mean there is no demand for them.

As imexre.com has previously mentioned, Dubai office property stock increased by 137,800 square meters in 2015, while another addition of about 269,000 and 368,000 square meters is scheduled for handover in 2016 and 2017, respectively.

The fastest global increase in office rentals in skyscrapers was recorded in London. During the second half of 2015 office rentals here saw an uptick of an average 9.7%. And the only city in the world, where office rentals got cheaper, is Singapore — because of the Chinese economy stagnation the demand for office rentals is going down here, thus rentals fell by 4.75%.

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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Lease process (Rent out)
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:

Property management

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

Purchase process
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:
  • 2% from purchase at transaction
  • 4% - registration of the transaction at registration
Additional services:

Property management

Sales Process
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
Rendering of management services

1 year

Rendering of management services
Reporting

1 day

Reporting
Expenses of the owner:

5% of the annual rental price

Additional services:

None

Investment Process
Contract of the tenant and agency.

1 hour

Contract of the tenant and agency.
Selection of optimal investment options

From 3 days

Selection of optimal investment options
Registration of the contract of purchase / sale

1 Week

Registration of the contract of purchase / sale
Expenses of the investor:
  • 2% when investing in the secondary market
  • 0% when investing in a new building
  • 4% - registration
Additional services:

Property management