The UAE real estate market overview – Q1 2024

Dubai and Abu Dhabi’s industrial market saw robust demand in the first three months of 2024

May 09, 2024
  • Faraz Ahmed
  • Muhammad Aijaz
  • Sara Alameddine

The new India-UAE trade agreement coupled with the development of an upcoming warehouse, Bharat Mart, has successfully maintained Jebel Ali Free Zone (JAFZA) as a well-established free zone for international trade in the UAE. As a result, warehouse rents in JAFZA witnessed a significant 26% annual increase, reaching an average of AED 365 per sq. m. per annum. Recognising the growing demand for quality industrial stock, developers are actively addressing the supply shortage through partnerships such as the one between Dubai South and Aldar to develop Dubai South’s Logistics District. The plans for this venture involve the construction of a Grade A build-to-lease logistics facility, encompassing approximately 24,000 sq. m. of gross floor area (GFA), with a targeted completion date of the end of the year.

Abu Dhabi’s industrial market sustained robust demand in the first three months of 2024, benefiting from strong growth in the non-oil sector and the expanding e-commerce market. Rental rates across major submarkets experienced a notable increase in the industrial sector, with growing spillover demand from Dubai driven by the limited availability of vacant Grade A spaces in the latter city. The strategic location and connectivity of industrial areas such as Khalifa Economic Zones Abu Dhabi (KEZAD) and the Industrial City of Abu Dhabi (ICAD) attracted heightened demand from tenants across various categories.

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