Dubai's commercial property is looked upon as a lucrative option in the business circuit the world over. It is noteworthy in this regard that a number of office buildings in the Dubai International Financial Centre have their initial value experiencing a growth spurt within three months' period! In another instance of the rising popularity of commercial property in Dubai, the rates of land in the Business Bay locality have seen a rise of about 40 percent.
When it comes to the rental market in the commercial property sector, Dubai is close on the heels of top 10 countries of the world. With an average office space rent at the rate of 329 AED per square foot, the figure continues to shoot up. Still one can witness the current demand-supply equation in the wider Dubai property market applies to office spaces as well. Demand continues to outstrip supply even while commercial property in Dubai is on its way to expansion.
Places like Discovery Gardens and Jumeirah Lake Towers have seen a delay in the delivery of units due to delays in water and electricity supply. The delay has further stretched the high rates for a still longer span of time. But the fact remains that once the supply resumes and there is delivery of office units all at one go, the price bubble of commercial property in Dubai will burst.
By that time, however, Dubai will have a host of world-class office spaces available at cheaper prices, which in turn will attract business houses from around the world to make Dubai part of their portfolios. Dubai is indeed going to be an international business and financial hub in the years to come.
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