Dubai – Mubasher: The office real estate market in the Emirate of Dubai is witnessing strong levels of activity, driven by positive performance in the non-oil sector, which is leading to the creation of more new job opportunities and growth in registered commercial rents..
According to the UAE real estate market review report for the third quarter of 2024, issued by the global real estate research and consulting firm CBRE, the occupancy rate of real estate offices in the Emirate of Dubai at the end the third quarter of this. year has reached 93 percent, up from 92 percent a year ago.
According to the report, a supply shortage in the office sector in Dubai, with limited new deliveries expected this year, will lead to increased pressure on occupancy and rental rates in the coming quarters.
With limited spaces available to rent in places like the DIFC and Downtown, landlords will still be in a stronger position to negotiate for quality spaces..
At the end of the third quarter, the average occupancy rate for institutional grade assets tracked by CBRE is currently around 93 percent, up from 92 percent a year ago.
Until 2025, occupancy levels are expected to increase, as supply will not keep up with demand from both new entrants to the market and expansion of existing tenants..
The average prices of Class A offices, Class A offices, Class B offices, and Class C offices saw growth of 11 percent, 21 percent, 24 percent, and 19 percent, respectively, compared to the third quarter of 2023..
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Dubai adds 600,000 square feet of office space to meet growing demand
2024-10-25 06:35:00
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