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Cost-conscious tenants looking for office spaces in Dubai should keep an eye on developments in the Barsha/Tecom zones.
“These are upcoming areas from a leasing perspective and still reasonably priced,” said Robin Teh, Counter Manager – UAE at Chestertons MENA. But prospective tenants are better off signing up spaces there now rather than wait, as “leasing rates have gone up by 25-30 per cent year-on-year,” Teh added.
For their part, developers are also busy homing in on greenfield sites for their next commercial project. And it need not necessarily be for office properties.
“Most of the commercial plot sales are taking place in the “hotels” category,” Teh said. “The hospitality sector will corner a lot of the land bank as we see a push due to the upcoming Dubai Expo and the fact that Dubai continues to promote itself as one of the most promising tourism hubs in the world.”
As for developers keen on building new office space, Ranjeet Chavan, Director at SPF Realty said: “This is going to help close the gap in the current availability of commercial space. This will also help with stabilizing rentals on supply that is nearly ready to be added to the market.”
Find out why tenants should eye Barsha/Tecom zones
Source: Manoj Nair, Associate Editor, gulfnews.com