Real estate consultancy firm Jones Lang LaSalle has announced the fastest growing office markets
worldwide, with Dubai surging in front. The total area of occupied Grade A office space in the region increased by 2.8 sq ft per capita since the beginning of 2008, it claims.
While other markets have grown by much more in absolute numbers, these are far larger mega cities, hence Dubai score highest in terms of net absorption per capita. Indeed, for this reason making international comparisons is difficult.
However, Jones Lang LaSalle explains that the total occupied stock of offices monitored by Jones Lang LaSalle is estimated to have increased by around 42 per cent since January 2008 in Dubai. This places the emirate in fifth place globally when assessed against the pace of other office markets and behind Delhi (61 per cent), Mumbai (58 per cent) Beijing (56 per cent) and Bangalore (43 per cent).
"The major factor driving the Dubai office market at the current time is not the absence of demand, which remains positive, but the excessive levels of new supply that have entered the market in recent years," Blair Hagkull, chairman of Jones Lang LaSalle MENA, said.
- Wednesday 06 October 2010