CBRE: Demand for Office Property Considerably Increased in Dubai in 2016

CBRE Consulting Company has recently presented its new report titled Dubai Market View, which shows evident popularity of Dubai as a business center in the Gulf region. It was also noted that almost all Class A office space has already been rented, that is pushing local developers for new construction in the commercial property sector.

It is noteworthy that in the report covering the period of the first three months of the current year, it was noted the apparent superiority of demand over supply, especially in free economic zones DIFC and TECOM.

Taking into account the situation at the market in Dubai, about 800 thousand square meters of new office space are expected to be built within the next three years. Besides, this number can be attributed with 102 thousand sq. m of Class A office space and shopping facilities in the new trade and office center called ICD Brookfield Place located in DIFC.

To date, most of the offices (51% of all office funds of the metropolis) are accounted for such Dubai areas as Jumeirah Lakes Towers, Bur Dubai, Tecom, Dubai Healthcare City and Deira.

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