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17 July 2024

Downtown Dubai office at Dh18.44m tops costliest commercial property deals

Four of the top 10 commercial transactions in Dubai in 2012 took place in the Business Bay district, three each were in Downtown Dubai and Jumeirah Lakes Towers, respectively.

By Parag Deulgaonkar

Dubai’s office sector witnessed big-ticket deals in 2012 with a 542 square metre office in Al Sahaa tower in Downtown Dubai selling for Dh18.44 million, the biggest commercial deal registered last year.

According to information provided by Reidin.com to Emirates 24/7, four of the top 10 commercial transactions took place in the Business Bay district, three each were in Downtown Dubai and Jumeirah Lakes Towers (JLT), respectively.

A 722 square metre office in Bayswater Tower in Business Bay was sold for Dh15.39 million, while an 1,024 square metre office in Vision Tower, Business Bay, was purchased for Dh14.32 million.

The fourth largest transaction was in Gold Tower in JLT with a sale value of Dh9.86 million. Emaar Square 4 transaction followed with a sale value of Dh9.78 million.

Another office unit in Vision Tower, Business Bay, ranked sixth on the list with transaction valued at Dh9.45 million. Almas Tower in JLT was came seventh with a sale value of Dh9.37 million.

Vision Tower in Business Bay, Gold Tower in JLT and Al Sahaa in Downtown Dubai took the final three slots with transactions valued at Dh9.23 million, Dh7.97 million and Dh7.5 million, respectively. Reidin.com is an exclusive and primary data source for real estate markets in the emerging countries.

Earlier this year, Jones Lang LaSalle, the global real estate consultancy, said the commercial market was showing signs of recovery and there was potential for rental growth in 2013. The growth, however, will be limited to prime buildings with high occupancy rates in well-established locations.

The total office space completed stood at 570,000 square metres in 2012, 45 per cent less than completions in 2011.  JLL expects there will be around 1.2 million square metres of additional supply that could be completed in 2013, but the future supply pipeline would be somewhat lower.

Single ownership represents around 58 per cent of the existing office stock with the remaining 42 per cent in strata title buildings.

Vacancies in strata space in  locations such as TECOM C, JLT and Business Bay, remain much higher than those in the CBD, the consultancy said.


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