Looking to set up a business in Dubai? Bayut.com brings you an exclusive guide to the thriving emirate’s areas that proved the most popular for buying and renting offices from January to June 2017. The below report will explain why some areas are more eye-catching to business owners than others. Moreover, you can find out what this year’s price trends are shaping up to be, regarding offices for sale and lease both.
OFFICES FOR SALE IN DUBAI
POPULAR AREAS FOR OFFICES FOR SALE
As the above infographic shows, a whopping 41% of queries on Bayut came for offices for sale in Jumeirah Lakes Towers (JLT). The area’s accessibility and proximity to key business hubs, such as Dubai Marina, Internet City, Dubai Media City, Knowledge Village and others, make it the widely preferred choice for office-based businesses.
The second highest number of hits for offices for sale came for office spaces in Business Bay (38%). As it is commonly known, this thriving area is the headquarter of some the most sought-after organisations in the emirate. Hence, the high second position is not a surprise.
While Downtown Dubai and Dubai International Financial Centre (DIFC) usually take one of the top three spots, this year a smaller area previously known as Tecom, Barsha Heights has accumulated the third highest number of queries (6%).
COST BREAKDOWN OF OFFICES FOR SALE
The price of an office in JLT last year averaged close to AED 3,1 million, while this year an office can be bought for AED 2,716,300 on average. This drop of 12% is another one of the factors contributing to JLT’s massive popularity in terms of buying an office.
Bayut observed a 14% increase in the cost of offices in Business Bay, with this year’s average price standing at AED 3,01 million, as opposed to a little over AED 2,6 million in 2016. Similarly, the cost of offices in Barsha Heights increased by 13%.
OFFICES TO RENT IN DUBAI
POPULAR AREAS FOR OFFICE RENTALS
When it comes to rentals among Dubai offices, Business Bay is 2017’s most popular community so far. Offices for rent in Business Bay outclassed the rest with a remarkable 25% share of queries in Q1. The area is a thriving business hub and the headquarter of some of the most well-known organisations in the city.
The second spot in the most searched for areas for offices to rent was taken by the always-in-demand Jumeirah Lakes Towers (JLT) with almost an equally impressive 22% of total inquiries. Finally, 14% of total hits went to office rentals strewn around the Sheikh Zayed Road area, landing it the third place.
COST BREAKDOWN of OFFICE RENTALS
Regarding rental prices, Bayut observed a 6% increase in the cost of office listings in Business Bay, with the average price now being approximately AED 226K per year. Simultaneously, the prices of office leaseholds in JLT went down by 12% averaging AED a little over 181K. Finally, offices in the Sheikh Zayed Road area retained their average price from last year (AED 438 K approx.) with only a 1% drop.
In conclusion, if you’re looking to buy an affordable, well-connected office space, browse offices for sale in Barsha Heights, the lowest priced of the three top localities. If you’re looking for leaseholds among offices in Dubai, consider offices for rent in JLT whilst they’re experiencing a 12% drop. To look into hot listings among offices in areas across Dubai, visit Bayut.