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Tue 30 Oct 2007 05:56 PM

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Office space in high demand

Demand for commercial office units in the GCC has increased significantly over the past several months, a trend the has been reflected with the large amount of unit and projects launched during this year's Cityscape Dubai, according to figures from Al Mazaya Real Estate.

Demand for commercial office units in the GCC has increased significantly over the past several months, a trend the has been reflected with the large amount of unit and projects launched during this year's Cityscape Dubai, according to figures from Al Mazaya Real Estate.

During September, value of office sales in the GCC increased by 38.8% brought about predominantly through high demand and a shortage in supply. Dedicated commercial projects such as Business Bay and DIFC are becoming the most sought after locations in the emirate for investors and businessmen. Abu Dhabi meanwhile is experiencing the construction of approximately 415,000m2 office space, contributing to the doubling of the overall office space to 850,000me by the beginning of 2011.

This situation urges property developers to compete and distinguish to deliver the finest, modern and most appropriate projects featuring outstanding designs, modern technologies, accurate implementation and other quality standards in addition to commitment to delivery dates, because the current situation cannot accommodate any more delays", said Eng Salwa Malhas, Al Mazaya Executive Vice President for Business Development.

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