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A total of 162,000 square metres of gross land area (GLA) were handed over in the office market in Dubai in the second quarter of this year.
The average rents across the prime business areas have stabilised at Dh1,860 per square metre, although it has still been a 2.1 per cent increase from 2014 as per research from Knight Frank.
The prediction for the last quarter of the year as well as the first quarter of 2016 is that office rents are expected to remain stable in the short to medium term.
According to reports by Jones Lang LaSalle and Asteco, in Abu Dhabi, Al Reem Island continues to be a popular commercial hub. Commercial addresses on the island include Infinity Tower and Sky Tower which offer Grade A office space. The Addax Port Office Tower, the first and only 100 per cent commercial tower on the island, is also one of the most sought-after commercial addresses in the area.
The Corniche district remains a preferred destination for companies and businesses. It is lined with high-rises offering premium space. These include the Jumeirah at Etihad Towers, Nation Towers and Landmark Tower, among others.
Popular rental locations in Dubai include the Dubai Design District, Dubai Investments Park, Business Bay, Dubai International Financial Centre, Downtown Dubai and Dubai Multi Commodities Centre (Jumeirah Lakes Towers), the latter of which is is known for offering lower rentals for Category B office towers. Newer offices are likely to be handed over by the end of the year in Westbury Square and The Binary, both in Business Bay.
* Top commercial districts in Abu Dhabi are Reem Island, Corniche
* Dubai offers investors many addresses to establish their venture
* Downtown Dubai, Business Bay are popular destinations in Dubai
The writer is a freelancer
Source: Urmila Santosh, Special to Properties