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29 March 2024

Business Bay tops Q1 office space deals

Published
By Parag Deulgaonkar

Big ticket deals in the commercial space took place in Dubai during the first quarter 2013 as prices rose for the first time after a four-year period.

In the first quarter, Business Bay, the central business district in Dubai akin to New York's Manhattan, registered the biggest office transaction. Jumeirah Lake Towers (JLT) registered five of the top 10 biggest deals, according to information provided by Reidin.com to Emirates 24|7.

The largest transaction registered with Dubai Land Department was worth Dh10.2 million in Vision Tower in Business Bay.

The second largest was in Emaar Square 4 in Downtown Dubai worth Dh9.8 million followed by Boulevard Plaza Towers 1 in Downtown Dubai for Dh7.38 million.

A commercial transaction registered for Dh7.34 in Saba Towers 1 in JLT was ranked fourth followed by a Dh7.13-million transaction in W-Podium, Dubai Marina, in the fifth place, Reidin.com data revealed.

Almas Tower in JLT was the only tower to register three of the top 10 transactions. The three individual transactions were worth Dh6.3 million, Dh5.2 million and Dh4.87 million, respectively.

Craig Plumb, Head of Research, Jones Lang LaSalle Mena, said earlier this year, “Office rents have declined in Dubai since 2008, but we expect to see an increase in rents in selective properties in best locations this year. There will be some parts where there will be no increase largely because vacancy rates are as high as 60 to 70 in some office locations.”

In April, JLL said rents for prime offices in the city rose 10 per cent during Q1. Rents in Sheikh Zayed Road, Downtown Dubai, JLT and Tecom rose by four per cent to an average of Dh1,690 per square metre.

Cluttons, a property consultancy, said rent rose by 10 to 15 per cent in better quality buildings in new business districts such as JLT, Tecom C, Al Barsha and Business Bay where commercial rents had fallen by as much as 50 per cent.

Asteco, a real estate consultancy, said rental rates in JLT and Tecom rose by 20 per cent and 25 per cent, respectively, and now command Dh654 to Dh800 per square metre compared to the same period last year. Office sales prices grew most notably in JLT by 9 per cent and Business Bay by 7 per cent, it said.

Area                                Building Name                        Price (AED)


Business Bay                   Vision Tower                           10.2 million
Downtown Dubai           Emaar Square 4                       9.77 million
Downtown Dubai            Boulevard Plaza Towers 1       7.37 million
Jumeirah Lake Towers  Saba Towers 1                         7.34 million
Dubai Marina                  W – Podium                              7.14 million
Jumeirah Lake Towers  Almas Tower                           6.32 million
Jumeirah Lake Towers  Saba Tower 1                          5.74 million
Jumeirah Lake Towers  Almas Tower                           5.20 million
Business Bay                   Plaza Boutique 04                   5.00 million
Jumeirah Lake Towers  Almas Tower                           4.86 million

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