Recovery across Middle Eastern economies and property markets
has continued at a fast pace, with the latest report suggesting that occupier demand for office space
in Dubai increased in the first three months of 2011.
Real estate specialist Cluttons reports that the growth has been fuelled by a number of factors including a greater choice and variety of offices on the market, the increasing affordability of rents and the return of business confidence to the region.
Indeed, the firm noted that Dubai is still considered an important strategic location for organisations to have a business presence.
And with the emirate becoming more affordable, now is a good time for foreign companies to establish themselves within Dubai, with the opportunity to take advantage of good deals for newer, higher specification office space than their existing premises, it suggests.
Cluttons predicts that over the course of 2011 an additional ten million square feet of new office stock will come onto the market, the majority of which will be in new business districts. However, as a result of an increase in the level of stock available, rents in these areas are forecast to show the heaviest falls.
- Thursday 21 April 2011