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Corporates tighten office rent budgets in Dubai
Dubai is set to witness a phenomenal jump in the delivery of new office space in the fourth quarter.
JLL, a real estate investment and advisory firm, said an additional 152,000 square metre of gross leasable area (GLA) is scheduled to be delivered in Q4, almost three times that delivered during Q3 (51,000 sq m GLA).
While the total office stock in Dubai has now risen to around 8.6 million sq m, Q3 also witnessed a number of changes of office projects to alternative uses. For example, Le Presidium, Nova and Moon towers have been converted to residential or other uses, JLL said.
Business Bay continues to be the focus for completions, with projects also expected to complete in Dubai Silicon Oasis, The Greens and Tecom.
The shift in demand towards smaller office deals reflects occupiers' caution in the face of challenging economic conditions in both Dubai and across the region, said Craig Plumb, head of research, JLL Mena. "While there remains strong demand for smaller units, it is taking far longer to negotiate larger deals as companies remain uncertain about their staffing needs."
A number of office towers across Dubai are catering to this trend for smaller units. Index Tower (located in the DIFC), for example, has divided four floors into smaller units, offering suits of 50, 150 and 300 sq m on a fully-fitted, ready-to-lease basis. "The exercise has proven to be successful, with most of these floors now leased," said Plumb.
In the residential segment, the completion of 5,400 units during Q3 marked the highest quarterly completion since Q4 2012 when approximately 6,200 units came to the market.
The supply pipeline remains active, with a further 11,000 units scheduled to enter the market in Q4, although not all these projects are likely to be delivered on schedule. Completions scheduled for Q4 include approximately 2,500 townhouses and apartments in Akoya by Damac on Al Qudra Road.
The third quarter saw the delivery of two retail projects with a total GLA of 28,000 sq m, the majority (25,000 sq m) of which is the Outlet Village; a community type development in Saih Shuaib, while the other community centre was located in Dubai Silicon Oasis.
A total of 5,500 hotel rooms have entered the market since the beginning of the year. Among the projects completed in Q3 were Westin Al Habtoor and Atana Hotel in Tecom with 830 rooms.
Major projects expected to complete by the end of 2016 include the Jumeirah Al Naseem and Dukes Dubai on Pearl Jumeirah. The 117-key Nikki Beach Resort &Spa Dubai on the Pearl Jumeirah is also expected by the year end, following the opening of its beach club earlier in 2016.
- issacjohn@khaleejtimes.com
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