Demand for offices will be on the rise in 2014: Chesterton
Chesterton, the international property agency established in 1805, stated that the demand for offices and commercial properties in Dubai will further grow in 2014, due to the rising confidence in both Dubai’s economy, and the real estate sector.
Simon Gray, Managing Director, Chesterton MENA said, “We foresee significant growth in the commercial market during 2014 driven by bright economic prospects. Demand for office space will increase as companies move out of older offices to the ones with better quality and amenities. Furthermore, ownership of office space will also increase as rents climb higher. Warehouses and logistics will come back into focus with expansion of airport and other logistics projects gaining momentum. Dubai will once again be billed as the ‘crane capital’ of the world with several mega projects in the pipeline. We expect 2014 to be another positive year for real estate sector in the UAE, Dubai in particular.”
“We entered 2014 with a lot of optimism and positivity spurred by last year’s industry performance and Expo 2020 win. Medium term growth forecasts for the economy have improved business confidence as more companies plan expansion activities to take advantage of economic opportunities arising from infrastructure spending over the next five years. We expect residential market to stabilise after a rapid growth over the last year, rentals however, could still see significant growth. Developments located in secondary areas such as Dubailand are expected to see higher growth. An extension of the red line of Dubai Metro could see increases in property values across the railway route,” added Simon.
“We believe that the residential property market will also grow at a faster pace over the next five years as more people choose to make Dubai their home. The city’s high quality infrastructure and the geographical location, positions Dubai as one of the best cities in the world to live and do business. The Expo 2020 win has provided just the right boost in the arm. Industry stakeholders are now convinced that the downside risks to the sector are over and the upside potential is unlimited. The market has started buzzing after a pause which prevailed before the pre-EXPO2020 win era,” added Simon.
“With increased economic activity we expect the office sector to stabilize after a prolonged period of limited activity. We expect an increase in demand for medium to small office units as new businesses providing ancillary services set up or expand in the Emirate,” said Simon.
Chesterton MENA recently received the ‘Highly commended property consultancy in Dubai’ award during the recently held 2013th edition of Arabian Property Awards. The Arabian Property Awards is part of the ‘International Property Awards’, the world’s most prestigious competition dedicated to finding the best real estate professionals across the globe.
Chesterton with its Middle Eastern headquarters in Dubai offers a full range of property services, including residential and commercial sales and leasing. In addition, the company provides professional property valuation services together with the valuation of plant and machinery. Chesterton MENA also has a very active international sales division, based in Dubai, specializing in the sale of prime, Central London residential apartments and houses to investors from across the entire MENA region.