Market Highlights

The Dubai Office Market in Minutes Q2 2023 report is out now. The emirate was one of the few global cities to open for business after a very short period of lockdowns and the office market across the city has been on an expansionary trend ever since. Here are some of the market highlights from our report:

• The second quarter of 2023 has seen one of the highest numbers of new companies open their regional office in the city.
• The biggest driver of demand during H1 2023 has been companies from the banking and financial services sector and Technology Media and Telecommunication (TMT)
• Strong demand levels have led to an increase in rents across most markets. 
• Rents across the DIFC have increased by 15% y-o-y, while they have gone up by 27% y-o-y across One Central, close to 39% across Business Bay, and 23% on average across JLT when compared to Q2 2022.
• As per our recent Savills Prime Office Costs report, the quarterly increase in rental values has positioned Dubai as the eighth most expensive market for prime offices globally, overtaking Paris, Shanghai and Delhi.

To read the full report for more insights on market trends and the various micro markets, click HERE