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Despite experiencing among the strongest growth in office take up of any market globally over the past few years, Dubai’s office sector is currently characterised by increasing vacancies due to the excessive levels of new additional supply. While the take up of office space has increased by more than 70% since the end of 2007, the same period has witnessed an increase in supply of around 140%. This is the root cause of the current oversupply being experienced in this market.
Vacancies are likely to increase across the whole market in the short term. The experience of other emerging markets suggests that the Central Business District (CBD) is likely to outperform other areas. Much of the surplus space in peripheral locations will however remain vacant for the foreseeable future.
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19 September 2010