Demand for office space in Dubai rose in the first three months of 2011, according to a new report by real estate specialist Cluttons. Areas such as Emaar Square, Dubai International Financial Centre, Sheikh Zayed Road and Tecom - home to three of The First Group’s hotel apartment developments - are amongst the most sought after locations for office space in the city. According to the report, rental values in these areas have remained relatively stable over the last few months, priced between AED100 to AED 50 per square feet per year - making them a highly affordable and competitive choice for businesses.
The report, published in Property Wire, also puts the healthy rise in demand in Dubai’s office market down to a number of factors including affordable rents, choice and variety, as well as increasing consumer confidence in the local economy. It also suggests that Dubai is still viewed as an important and strategic location for foreign businesses to have a presence, and puts it down as ‘an encouraging sign that the market is in recovery mode.’