Sunday, June 29, 2008

June : Commercial Space – Dubai faces shortage :

June : Commercial Space – Dubai faces shortage : "Commercial Space - Dubai faces shortage

Commercial Space - Dubai faces shortage

Our studies estimate that currently some 1.72 million sq ft of commercial space is available in Dubai with a pent-up demand for 7.29 million sq ft. The commercial sector has gained momentum among investors and end-users as the rate of availability of Grade A office spaces is even lesser than 1%.

It is worth noting that the rate of office occupancy in Dubai has touched an all-time high of almost 98-99% with zero vacancy levels.

Our research reveals that more than 90% of Dubai's buildings designated for commercial utility are either under construction or recently launched; with most of the developments adopting 'strata' sales.
demand for commercial space all time high

According to Dubai Strategic Plan 2015, Dubai plans to focus on the expansion and development of the trade and commerce. The emirate aspires to carry forward its current economic performance as the trade sector has experienced the highest increase in GDP in last few years. Dubai wishes to sustain a real GDP growth rate of 11% p.a. for next 10 years and increase the real GDP per capita to $44,000 in 2015.

The issued by the World Conference on Trade and Development (UNCTAD), UAE ha"

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