Office real estate sees increased interest after lockdown

Experts say that the Covid-19 pandemic has made the importance of technology and virtual practices more apparent.

Companies across the UAE, especially small and medium-sized enterprises (SMEs), have been increasingly registering their interest in office spaces, following the end of the lockdown and easing of restrictions, experts said.
Speaking to Khaleej Times, Emrah Yar, head of Commercial at Allsopp & Allsopp, revealed: "There has been a significant 90 per cent rise in companies registering their interest in offices for rent and sale in Dubai in the aftermath of lockdown. The commercial market has remained resilient and in my opinion always will especially in such a cosmopolitan city like Dubai." 
Interestingly, Yar noted that there has been a very large number of companies downsizing their office space due to the fact that they have found working remotely is more beneficial to their business operations. "We have also noticed an increase in enquiries from start-up companies venturing into businesses as a result of the Covid-19 pandemic for example, companies producing sanitization products and medical supplies."
Lewis Allsopp, CEO of Allsopp & Allsopp, pointed out that technology has played and will continue to play a very important role in several key sectors such as real estate.
"Technology is quickly advancing around the world, and I believe it is the driving force behind many business success stories," he said. "The Covid-19 pandemic has made the importance of technology and virtual practices more apparent. In the wake of the Covid-19 pandemic, we were forced to put virtual viewings, market appraisals and mortgage consultations at the top of our list of priorities and from April 4 to April 25, our team completed 677 virtual viewings and 472 virtual market appraisals."
Clients, he said, were very receptive to the new approach, and, as a result, the company will continue to use these virtual practices with clients who would like to narrow down their property search to save time on physical viewings and for clients who are overseas. 
With staff returning to work, businesses will need to ensure that there are comprehensive policies and guidelines in place that will ensure the safety of their employees.
Mohammed Al Muallem, CEO and managing director of DP World, UAE region and CEO of Jafza, said that as the world is working to cope with Covid-19, Dubai will play a pivotal role in the post-pandemic economy recovery thanks to its state-of-art infrastructure, effective resilience strategies and its ability to efficiently deal with all circumstances.
"In line with Dubai Government's directives for private sector businesses to operate at 100 per cent capacity, while Dubai government employees would fully resume working at their offices from June 14 2020, we are ready for the immediate return of Jafza companies to pursue normal operations," he said. "We will continue to implement the highest precautionary measures and full inspections aiming to protect the health and safety of all our employees and partners. We're also working closely with all companies in Jafza to continuously raise awareness about the required measures which will keep their staff and customers safe in compliance with the directives of the competent authorities in Dubai and the UAE."
rohma@khaleejtimes.com