The office sector in Dubai’s real estate market is seeing a significant increase in pre-commitments for the first time, as the UAE has emerged as a preferred destination for corporates looking to expand their presence in the region.
According to industry executives, Grade A office space in Dubai is currently over 95% occupied, with demand primarily coming from Indian, Chinese, and European firms and existing corporations expanding their operations.
Pre-committing space across under-construction projects has increased across most micro-markets. While it is quite common in more mature office markets globally, it has only recently been observed across the office landscape in Dubai, an indication of long-term corporate interest in the city,” Emirates NBD Research said in its latest study.
The UAE has emerged as a preferred destination for corporate occupiers to expand their office footprint. As a gateway city to the region, the bulk of this occupier demand has been concentrated in Dubai. Along with other locations in the region such as Abu Dhabi and Riyadh, Dubai has defied the global slump in office activity seen over the past few years,” Dubai’s largest bank said.
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