{"id":78220,"date":"2023-10-19T09:07:00","date_gmt":"2023-10-19T09:07:00","guid":{"rendered":"https:\/\/www.bayut.com\/agentportal\/?p=78220"},"modified":"2023-10-17T13:07:49","modified_gmt":"2023-10-17T13:07:49","slug":"understanding-commercial-property-market","status":"publish","type":"post","link":"https:\/\/www.bayut.com\/agentportal\/understanding-commercial-property-market\/","title":{"rendered":"Industry Eye: Understanding the Commercial Property Market"},"content":{"rendered":"\n

Dharamvir Singh, Commercial Sales and Leasing Team Manager at Coldwell Banker, shares his insights into the commercial real estate industry in Dubai. What does it take to become successful in this niche market, and what does an agent need to know to work with their clientele? Dharamvir tells all, in this edition of Industry Eye!<\/em><\/p>\n\n\n\n

A Brief Overview of the Industry<\/strong><\/h2>\n\n\n\n

I am Dharamvir Singh Chauhan<\/a>; in my current role, I head the Commercial Team, and I have been with Coldwell Banker for almost a decade.\u00a0<\/p>\n\n\n\n

I come from a hospitality background, and after leaving the hospitality industry in India, I moved into real estate. Later, when I moved to Dubai, real estate was the first industry that caught my eye. I have been specialising in commercial real estate in Dubai since I joined Coldwell Banker in 2014. My expertise is in offices and retail spaces.<\/p>\n\n\n\n

The commercial market in Dubai is currently on a high, backed by a solid demand by both end users and investors. Following the challenges during the COVID-19 pandemic, the real estate sector has shown a V-shaped recovery. The demand for commercial real estate has seen significant growth across various sectors, including offices, retail spaces and warehouses. <\/p>\n\n\n\n

We see a lot of new brands from around the world entering the Dubai market in the retail sector, and several companies are in an expansion phase after the pandemic. One unique trend we have witnessed is that there are quite a few multi-brand car showrooms and sports and entertainment venues opening in Dubai. <\/p>\n\n\n\n

Knowledge, Learning and Research<\/strong><\/h2>\n\n\n\n

Being in the commercial real estate market requires you to stay updated on your knowledge at all times. I think my understanding of laws and regulations involved helped me succeed as a commercial specialist. Commercial real estate is very different from the residential sector as it not only requires you to know about market trends in real estate, but also needs you to be thorough on various licensing authorities operating in Dubai like the DED (which offers you a mainland license), DMCC in JLT, Dubai Media City, Dubai Internet City, JAFZA, Silicon Oasis, (which offers you different options to have trade license under various activities), and other licensing authorities which offer specific activities to operate.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

It is evident that the market is currently experiencing a significant shortage of A-grade quality properties in prime locations. This scarcity of supply has been further exacerbated by the limited number of properties entering the market. As a result, the demand for high-quality commercial office space far outweighs the available inventory. There is a massive gap in this sector, and I\u2019d recommend that developers launch some Grade A office buildings in any freehold area.<\/p>\n\n\n\n

Notably, the ongoing trend of a growing number of trade licenses being issued in Dubai has contributed to the surge in demand for commercial properties. Dubai’s reputation as a global business hub, along with its business-friendly environment and strategic geographic location, continues to attract entrepreneurs, startups, and established enterprises seeking to establish a strong presence in the region. Given the prevailing market conditions, we anticipate the demand for commercial properties in Dubai will outpace the available supply in the foreseeable future. As a result, investors and businesses looking to secure prime commercial spaces should act with foresight and engage in strategic decision-making to capitalise on the lucrative opportunities available in this thriving market.<\/p>\n\n\n\n

We are witnessing a significant increase in sales and leasing prices quarter on quarter. Q2 2023 witnessed an increase of 22% in sales transactions compared to the same period last year, and the transacted value almost doubled to AED 21 billion during this period, compared to the same period last year, as per the reports. The major areas in demand for offices are JLT, Business Bay, Barsha Heights and Silicon Oasis. The popular areas for retail spaces are Business Bay, JLT and International City, and for warehouse transactions – Al Quoz, DIP, and Dubai Industrial City, with Al Khwaneej becoming an upcoming popular area. <\/p>\n\n\n\n

\"DIP\"
Dubai Investment Park (DIP) is popular for warehouse transactions<\/em><\/figcaption><\/figure>\n\n\n\n

In leasing transactions, we have witnessed the landlord demanding one or two rental cheque payments and more extended lease contracts, which has significantly decreased owners’ risk.  Office leasing in Grade A building is almost 100%, with hardly any space available in the building. Uptown Tower in JLT was 100% leased well before the handover, with a long-term commitment from the tenants.<\/p>\n\n\n\n

Let\u2019s Talk Laws<\/strong><\/h2>\n\n\n\n

Various business-friendly initiatives by the Government, such as new visa rules and 100% company ownership, have helped the real estate market to grow in Dubai. The UAE continues its stride in becoming the ideal destination for work, investment, entrepreneurship, education, and life by introducing a restructuring of its entry and residence system. The UAE has implemented new visa rules that introduce new types of entry visas and residence permits, expanding the Golden visa categories and more, which offer ten years of residence with no obligation to enter the country every six months.<\/p>\n\n\n\n

In addition, what may be called a historic decision for the business community is the implementation of the new rule that allows expats to own 100% of their business in the UAE mainland; earlier expats were allowed to own 100% of companies only for free zones. This decision boosted the confidence of investors and entrepreneurs, and there was a massive surge in new Trade licenses issued by Dubai Economic Department  Since 2021 after this new law came into existence.<\/p>\n\n\n\n

On Being Successful In The Industry<\/strong><\/h2>\n\n\n\n

I believe that success in commercial real estate requires a lot of knowledge – in terms of documentation and the processes involved during the sales and leasing transactions – and being able to guide your clients through the entire real estate process. Since VAT (Value-added tax) was introduced in the UAE, one needs to be able to guide the client on the criteria and eligibility for VAT. <\/p>\n\n\n\n

Bayut and its tools have very user-friendly interfaces for users, as well as for real estate agents. I believe the TruCheck\u2122 badge is the most effective way to communicate to clients that the property is really available and authentic, akin to how Bayut says, \u2018Real Home and Real Properties\u2019. Validating with TruCheck\u2122 really helps increase leads generated significantly. Listing a commercial property on Bayut is relatively easy as the portal covers all the fields of information, which is communicated to clients when they search for a property online.<\/p>\n\n\n\n

About Dharamvir Singh<\/em><\/h3>\n\n\n\n
\"Dharamvir<\/figure>\n\n\n\n

Dharamvir Singh<\/a> holds more than ten years of experience in real estate, out of which seven years are in the Dubai real estate industry. He has been a part of the Coldwell Banker team since 2014 and is the manager of the Commercial Sales and Leasing Team. He enjoys overcoming challenges while on the job, with real estate being his passion. <\/p>\n\n\n\n

About Coldwell Banker<\/h3>\n\n\n\n

Coldwell Banker<\/a> was founded in 1906, with a goal to offer professional real estate services. Today, they have over 3600 offices and 126,000 sales Associates worldwide, making it one of the largest global real estate organisations. <\/p>\n\n\n\n

Coldwell Banker UAE was established in 2005, and is now one of the leading real estate brokerages in the country. They offer a diverse selection of commercial and residential properties in Dubai, and are a one-stop shop for all real estate requirements, from sales and leasing to property management to short-term rentals. <\/p>\n","protected":false},"excerpt":{"rendered":"

Dharamvir Singh shares his insights into the Dubai real estate industry, and how commercial agents should know to connect with their clientele.<\/p>\n","protected":false},"author":7,"featured_media":78224,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[383],"tags":[549],"category_group":[],"yst_prominent_words":[80,79,67],"yoast_head":"\nIndustry Eye: Understanding the Commercial Property Market<\/title>\n<meta name=\"description\" content=\"Dharamvir Chauhan from Coldwell Banker shares insights into the commrical pro\" \/>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bayut.com\/agentportal\/understanding-commercial-property-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Industry Eye: Understanding the Commercial Property Market\" \/>\n<meta property=\"og:description\" content=\"Dharamvir Chauhan from Coldwell Banker shares insights into the commrical pro\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.bayut.com\/agentportal\/understanding-commercial-property-market\/\" \/>\n<meta property=\"og:site_name\" content=\"Agent Portal\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-19T09:07:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-17T13:07:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.bayut.com\/agentportal\/wp-content\/uploads\/2023\/10\/Industry-eye-copy-Dharamvir-Singh-Chauhan.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1201\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.bayut.com\/agentportal\/#organization\",\"name\":\"Bayut\",\"url\":\"https:\/\/www.bayut.com\/agentportal\/\",\"sameAs\":[],\"logo\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.bayut.com\/agentportal\/#logo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/www.bayut.com\/agentportal\/wp-content\/uploads\/2020\/08\/bayut-logo-green.png\",\"width\":800,\"height\":216,\"caption\":\"Bayut\"},\"image\":{\"@id\":\"https:\/\/www.bayut.com\/agentportal\/#logo\"}},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.bayut.com\/agentportal\/#website\",\"url\":\"https:\/\/www.bayut.com\/agentportal\/\",\"name\":\"Agent Portal\",\"description\":\"Just another WordPress site\",\"publisher\":{\"@id\":\"https:\/\/www.bayut.com\/agentportal\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":\"https:\/\/www.bayut.com\/agentportal\/?s={search_term_string}\",\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.bayut.com\/agentportal\/understanding-commercial-property-market\/#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/www.bayut.com\/agentportal\/wp-content\/uploads\/2023\/10\/Industry-eye-copy-Dharamvir-Singh-Chauhan.jpg\",\"width\":1201,\"height\":640,\"caption\":\"commercial property\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.bayut.com\/agentportal\/understanding-commercial-property-market\/#webpage\",\"url\":\"https:\/\/www.bayut.com\/agentportal\/understanding-commercial-property-market\/\",\"name\":\"Industry Eye: Understanding the Commercial Property Market\",\"isPartOf\":{\"@id\":\"https:\/\/www.bayut.com\/agentportal\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.bayut.com\/agentportal\/understanding-commercial-property-market\/#primaryimage\"},\"datePublished\":\"2023-10-19T09:07:00+00:00\",\"dateModified\":\"2023-10-17T13:07:49+00:00\",\"description\":\"Dharamvir Chauhan from Coldwell Banker shares insights into the commrical pro\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.bayut.com\/agentportal\/understanding-commercial-property-market\/\"]}]},{\"@type\":\"Article\",\"@id\":\"https:\/\/www.bayut.com\/agentportal\/understanding-commercial-property-market\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.bayut.com\/agentportal\/understanding-commercial-property-market\/#webpage\"},\"author\":{\"@id\":\"https:\/\/www.bayut.com\/agentportal\/#\/schema\/person\/8bf81f62e30ca89ba7de03cb7b18f8d2\"},\"headline\":\"Industry Eye: Understanding the Commercial Property Market\",\"datePublished\":\"2023-10-19T09:07:00+00:00\",\"dateModified\":\"2023-10-17T13:07:49+00:00\",\"commentCount\":0,\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.bayut.com\/agentportal\/understanding-commercial-property-market\/#webpage\"},\"publisher\":{\"@id\":\"https:\/\/www.bayut.com\/agentportal\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.bayut.com\/agentportal\/understanding-commercial-property-market\/#primaryimage\"},\"keywords\":\"commercial property\",\"articleSection\":\"Insights\",\"inLanguage\":\"en-US\"},{\"@type\":[\"Person\"],\"@id\":\"https:\/\/www.bayut.com\/agentportal\/#\/schema\/person\/8bf81f62e30ca89ba7de03cb7b18f8d2\",\"name\":\"Anjali Sudarsan\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.bayut.com\/agentportal\/#personlogo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/5b5a8f48fcbb4ad8a3bda75e2f8f4bbd?s=96&d=mm&r=g\",\"caption\":\"Anjali Sudarsan\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","_links":{"self":[{"href":"https:\/\/www.bayut.com\/agentportal\/wp-json\/wp\/v2\/posts\/78220"}],"collection":[{"href":"https:\/\/www.bayut.com\/agentportal\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bayut.com\/agentportal\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bayut.com\/agentportal\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bayut.com\/agentportal\/wp-json\/wp\/v2\/comments?post=78220"}],"version-history":[{"count":1,"href":"https:\/\/www.bayut.com\/agentportal\/wp-json\/wp\/v2\/posts\/78220\/revisions"}],"predecessor-version":[{"id":78225,"href":"https:\/\/www.bayut.com\/agentportal\/wp-json\/wp\/v2\/posts\/78220\/revisions\/78225"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bayut.com\/agentportal\/wp-json\/wp\/v2\/media\/78224"}],"wp:attachment":[{"href":"https:\/\/www.bayut.com\/agentportal\/wp-json\/wp\/v2\/media?parent=78220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bayut.com\/agentportal\/wp-json\/wp\/v2\/categories?post=78220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bayut.com\/agentportal\/wp-json\/wp\/v2\/tags?post=78220"},{"taxonomy":"category_group","embeddable":true,"href":"https:\/\/www.bayut.com\/agentportal\/wp-json\/wp\/v2\/category_group?post=78220"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.bayut.com\/agentportal\/wp-json\/wp\/v2\/yst_prominent_words?post=78220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}