Prime industrial property rates increase

In the final six months of last year, average rental values for Class 1 property rose by 12 per cent and were up 18 per cent compared with the same period in 2012.

The upward movement has been supported by strengthening economic fundamentals in the emirate.

"In 2013, members of the Dubai Chamber of Commerce and Industry recorded an 8 per cent rise in exports and re-exports. Over the same period, cargo volumes passing through Dubai International Airport rose by 6.8 per cent to 2.4 million tonnes,'' said Edward Batten, Associate Director of Industrial and Logistics at Knight Frank.

Dubai Investments Park and Jebel Ali Free Zone were the best-performing industrial zones in the second quarter last year. On an annual basis, rents in the two districts climbed by 30 per cent and 19 per cent respectively. In A1 Quoz, rental values rose by 9 per cent year-on-year to Dh38 per sq ft.

Demand for industrial space was strongest from the light industrial/manufacturing and third-party logistics firms, collectively accounting for 33 per cent and 25 per cent of all inquiries respectively.



Source: Property WeeklyPW


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