Office space needs to be doubled in Dubai say experts
Future demand for office space in the emirate of Dubai will require that the amount of commercial space be doubled in the coming years say industry experts.
A recent study by Aspire Real Estate, linked to a newly-launched office development revealed that as a result of excessive focus on Dubai’s freehold residential sector, the supply of offices and other commercial units have fallen far below the required 80:20 ratio of home to commercial space, according to Gulf News.
The cycle of development has created an acute shortage of commercial space in Dubai, said Harshit Kantaria, managing director of Aspire, which is currently in the process of marketing and selling the new three-tower complex, of Jumeirah Wave Business Towers.
The firm encountered an overwhelming response by investors wishing to acquire commercial office space in the building complex.
Furthermore, according to other industry studies, more than one third of the GCC population is currently under the age of 15, an indicator that future demand for both housing and commercial office space will continue at its current robust pace.
Meanwhile, the local economy in the UAE and others in the region continues to grow on the backs of soaring oil prices, while most analysts maintain that the growth trend will continue for some time.
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