Dubai’s office segment played a pivotal role in driving growth, with 2,972 office sales transactions totaling AED 6.5 billion.
Dubai’s commercial real estate sector recorded 9,038 sales transactions in 2024, marking a 24% year-on-year (YoY) increase, according to an industry report.
The total transaction value surged to AED 90.1 billion ($24.5 billion), reflecting an 11% YoY rise, as reported by Commercial Real Estate Consultants (CRC), a Betterhomes affiliate.
“As we conclude another remarkable year for Dubai’s commercial property market, it is evident that we have achieved significant milestones that highlight the city’s resilience, innovation, and global appeal,” stated Ben Bargh, Managing Director of CRC.
“These figures represent more than just statistics; they embody investor confidence, entrepreneurial ambition, and the trust placed in Dubai as a premier global hub for business and opportunity,” he added.
Office Market: A Key Growth Driver
The office segment stood out as a major contributor, recording 2,972 sales transactions worth AED 6.5 billion—the highest on record—marking a 37% YoY increase.
This sector accounted for 33% of all commercial transactions, supported by continued demand for office spaces in prime business districts such as Business Bay, Jumeirah Lakes Towers (JLT), and Dubai Silicon Oasis.
A significant factor fueling this growth is the influx of businesses, with over 70,000 new companies registering with the Dubai Chamber of Commerce in 2024, reflecting a 3% YoY rise.
Despite this expansion, the market continues to grapple with a supply shortage, particularly in Grade A office spaces, where average secondary market prices have surged to AED 1,417 per square foot—a 27% YoY increase.
Medium-sized office spaces remain in high demand as businesses opt to renew leases at increased costs rather than face relocation challenges.
Retail and Industrial Sectors See Strong Growth
The retail sector also experienced record-breaking growth, with 1,364 transactions amounting to AED 3.2 billion, a 34% YoY increase.
Off-plan retail properties led the market, accounting for 65% of the total transaction value.
Similarly, demand for industrial spaces rose, with warehouse properties averaging AED 11.9 million in 2024, up 20% YoY, driven by the expansion of e-commerce and logistics operations.
Future Outlook and Development Pipeline
To address the supply-demand imbalance, more than 1,400 office units are currently under construction, with completion timelines extending from 2025 to 2028.
Key upcoming projects include the Immersive Tower in DIFC and Phase 2 of Uptown Dubai, reflecting the city’s strategic and controlled expansion approach.
In the fourth quarter of 2024, significant developments were announced to establish Expo City Dubai as a leading business and lifestyle destination.
Aldar Properties of Abu Dhabi partnered with Expo City Dubai to develop an AED 1.8 billion mixed-use project near Al Maktoum International Airport and the Dubai Exhibition Centre (DEC).
Additionally, Dubai Multi Commodities Centre (DMCC) and Real Estate Investment Trust (REIT) Development revealed plans for the 17-story Crypto Tower in JLT.
Looking ahead, CRC anticipates even greater achievements in 2025, as Dubai continues to set new benchmarks and redefine global standards in commercial real estate.
