The things are so serious that a recent report by the Colliers International, a real estate management consultants have revised 2010 fourth quarter total cumulative supply forecasts downward from 6.3 million square metres to 4.9 million square metres Gross Leasable Area.
The demand-supply dynamic of Dubai’s office market has driven double digit growth in capital values over the past three years, ensuring a vacancy rate across market that has rarely exceeded two per cent. The government has played a central role in creating both demand and supply side levers for office space through the creation of economic free zone clusters.
Over the past three years transactions in office space investment remain limited due to a continued shortage of primary grade space.
Events to be staged at the DWTC, comprising diverse sectors including construction, energy, technology, beauty, food, healthcare, environment and automotive, will mark the emirate’s post-pandemic economic recovery