Dubai’s office spaces are witnessing an “uptick in activity” in the wake of the city’s winning Expo 2020 bid, with growing demand in Business Bay and Jebel Ali.
According to Property Finder Group, job creation between 2013 and 2021 is estimated at over 277,000 and a number of major international corporates and start-ups are expected to establish their offices in Dubai in the years leading up to the event.
Deputy CEO at Property Finder Group, Renan Bourdeau, said Dubai’s office spaces were previously “trailing behind in terms of investor and tenant interest” but that the prospect of Expo 2020 along with the city’s stronger economic fundamentals and tighter regulation in the property market would push up office occupier demand.
As the area’s surrounding infrastructure continues to improve, Business Bay is expected to account for the majority of the new stock, followed by Jumeirah Lake Towers, Dubai Investment Park and Dubai World Central – a development which is forecast to become the emirate’s key location for business and trade.
A Q4 report by Property Finder Group showed that Business Bay and Jumeirah Lake Towers were the most searched areas for commercial property investment in Dubai, accounting for 52% of searches.
Commercial district Jebel Ali took third spot and is expected to experience increased demand in the years leading up to the Expo, along with areas in and around Al Maktoum International Airport.
The flurry of activity and heightened levels of interest in the Dubai property market, from residential to commercial, could mean the time is ripe for investment.
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