Dubai now emerges as the world’s fastest growing office market, after a turbulent year because of the global economic crisis according to a research done by Jones Lang LaSalle, the world’s top global real estate service firm. Jones Lang LaSalle specializes in commercial property management, investment management, and others.
The new research is composed if different data from other major cities in the world. The data shows that Dubai is the fastest growing office market in terms of per capita and entire area of occupied top-quality office space.
The chairman of Jones Lang LaSalle MENA, Blair Hagkull said that the demand for the office market is now back on the track, as a result of the markets recovery since its cutback last year. The level of office occupancy is now increasing for the first quarters of 2010.
According to Hagkull, one of the key factors that are driving the country’s office market in this current situation is not because of the absence of office demand, which remains optimistic but because of too much rate of the latest supply that have emerge in the market recently.
The Jones Lang LaSalle report stated: Whilst the other markets in the country comprise lesser numbers, but they are far bigger super-cities, this is why Dubai scores the highest for its office market in terms of net absorption per capita. Indeed, for this reason making international comparisons is difficult.
Other fastest growing major cities globally include Beijing with 56 percent, Bangalore, 43 percent, Mumbai, 58 percent, and Delhi with 61 percent. Most of these cities experience strong net absorption; especially for the international-quality office market space has increased.