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Industrial property in Dubai saw strong demand in 2015, with average rate rises in the range of five to 10 per cent, according to new research by consultancy Valustrat.
Major industrial areas in Dubai are Jebel Ali Free Zone (Jafza), Jebel Ali, Dubai Investments Park (DIP), Dubai Industrial City, Al Quoz and the newly developed Dubai South.
Lower priced industrial property can be found in Al Quoz, Ras Al Khor and Al Quasis while those in DIP, Jafza and Jebel Ali are more expensive. Average rents for industrial property range between Dh435 to Dh590 per sq m (Dh40 to Dh55 per sq ft).
Additional supply of industrial property in Dubai South, an area measuring approximately 145 sq km and is located near Al Maktoum Airport and the Expo 2020 site, is likely to create a shift in investor preferences. Upon completion, this area is expected to serve as a major industrial/logistics/transportation hub.
The launch of Wholesale City, with an envisaged investment of Dh30 billion over a period of 10 years, will also make way for more industrial supply.
Abu Dhabi
The major industrial areas in Abu Dhabi are Musaffah, ICAD and the newly developed Kizad (Khalifa Industrial Zone Abu Dhabi).
As per Valustrat, both Musaffah and ICAD remain locations of choice and hence demand for industrial properties there continues to increase, with average rent rises in the range of seven to 11 per cent.
The development of Kizad will support growth of industrial supply. Also due to the relocation of the container and roll-on/roll-off (RoRo) vessel facility to Khalifa Port from Mina Zayed, several logistics and automobile companies will have to shift their base to Kizad.
- business@khaleejtimes.com
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