One notable new trend was the increase in pre-leasing in Dubai, where tenants secure office spaces before they become available.
According to a report by Betterhomes, Dubai’s commercial property sector maintained stable transaction volumes in the second quarter of 2024.
Recent data showed that office transactions in the emirate rose by 1 percent year-on-year to 764 deals, amounting to AED 1.36 billion in Q2.
This growth reflected a 17 percent increase in sales value, indicating sustained demand for office spaces.
Dubai’s office market remains resilient as pre-lease trend emerges
The slight decrease in overall commercial transactions suggests market stability, bolstered by continuous investments and initiatives to strengthen the sector.
A notable new trend is the increase in pre-leasing, where tenants secure office spaces before they become available.
This pre-leasing trend highlights the limited availability of top-grade offices, pressuring tenants to act quickly.
Business Bay captured 43 percent of deals, showcasing its popularity, while other prime areas included Jumeirah Lakes Towers with 32 percent and Dubai Silicon Oasis with 5 percent.
Demand is strongest for Grade A buildings with sustainability features, enhancing corporate image and compliance with regulations, according to the report. The average price for secondary office spaces reached a record AED 1,364 per square foot in Q2, up 22 percent from the previous year.
Continued undersupply amid strong demand has led to increased competition and higher prices, maintaining high occupancy levels despite new developments.
