The Trend of Working Spaces in Dubai & Savills Research (The Market in Minutes)
Facts
- Dubai's supply of flexible office space is set to grow as corporate entities look to adapt.
- Employees seek an alternative to working from home.
- Flexible office take-up by providers accounted on average for about 8% of total office absorption across selected global markets in 2018.
- Dropped to 5% as the Covid-19 pandemic led many organisations to transition to working from home by 2021.
City Records
A steady increase in flexible space providers over the last few years.
Savills Research
Savills picked Dubai among 18 major global office markets in terms of cities likely to drive flexible demand in the coming years:
London, which topped the index, as well as New York as 4th & Paris as 5th, are cities where the concept of flexible offices developed and expanded in the years since the global financial crisis and the rise of the gig economy.
Savills View
In Dubai, flexible space operators across are recording high occupancy levels, with a few players reporting 100 per cent occupancy and charting plans to further expand offerings across Dubai.
Office Rents
Business Bay has led the recovery, with average rents in the first three months of 2022 — the last available period — surging 33 per cent to Dh101 ($27.50) per square foot compared to 2020 in Dubai.
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