In the third quarter of 2023, Dubai's commercial real estate market shows remarkable resilience and adaptability, with a 22% surge in transaction activity. The office sector shines, witnessing a 31% increase in transaction volume and a 53% surge in the value of transacted office spaces. Secondary office spaces become more attractive with a 22% increase in average prices.
However, the retail sector faces challenges, experiencing a -7% decline in transactions and a sharp -21% decrease in total transacted value, attributed to changing consumer habits and the growing impact of e-commerce.
The surge in buyer leads, up by 70%, reflects continued appeal for Dubai's commercial properties. Notably, office spaces remain in demand, and warehouse leads show a staggering 150% increase, emphasizing logistics' growing importance in Dubai's commercial real estate market.
Top communities for office leasing include Jumeirah Lake Towers (JLT), Barsha Heights, Business Bay, Sheikh Zayed Road, and Al Barsha.
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