Dubai is world's fastest growing office market on per capita basis

05/10/2010 - Dubai Property News
Dubai is world's fastest growing office market on per capita basis

Posted by Bob Brunskill

Dubai has experienced the fastest growth in occupied office space of any major city in the world on a per capita basis over the past two and a half years, new research shows.

According to a study by Jones Lang LaSalle, a leading global real estate advisory firm, the total area of occupied Grade A quality office space in Dubai has increased by 2.8 sq ft per capita since the beginning of 2008.

The research, which compared data on 25 major global cities, noted that Dubai scored highest in terms of net absorption - meaning the change in occupied office space - per capita.

Commenting on the findings, Blair Hagkull, chairman of Jones Lang LaSalle MENA, confirmed that demand for office space in Dubai has bounced back since late last year. He added that this has been reflected in a significant increase in leasing business being negotiated by Jones Lang LaSalle.

Indeed, the company reported that during the past six months, it has negotiated new leases on behalf of a range of major multinational firms in Dubai including Deloitte, Royal Bank of Scotland, MasterCard, and Honeywell.

"Most of these deals have involved an expansion in the amount of space occupied as tenants respond to improving business conditions and Dubai's accepted position as the leading office centre in the MENA region," said Mr Hagkull.

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