In October 2024, Dubai’s commercial property market continued to shine, marked by impressive sales volumes and values that signal robust investor confidence and market vitality.
Dubai's Commercial Property Market as a Whole
The Dubai Land Department recorded an impressive 1,044 commercial sales transactions totaling AED 10.9 billion, further cementing Dubai’s reputation as a top destination for commercial real estate investment.
Office Segment Snapshot
Among these, the office segment stood out, with 304 transactions valued at AED 661.5 million and an average price of AED 1,503 per square foot.
When it comes to top office sales locations in Dubai, areas like Business Bay, Jumeirah Lake Towers (JLT), Tecom, Jumeirah Village Circle (JVC) and Culture Village lead the way, each offering unique advantages to businesses.
Business Bay stands out as a prime commercial hub with modern infrastructure and easy access to Sheikh Zayed Road, attracting a wide range of corporate tenants and investors.
JLT provides an appealing mix of office and retail spaces around scenic lakes, appealing to companies looking for a dynamic yet balanced work environment.
Tecom, with its dedicated technology and media clusters, attracts firms in media, tech and communications industries, while JVC offers more affordable office spaces amid a growing residential area, ideal for small to medium-sized businesses.
Culture Village, with its arts-focused design, presents a more creative environment, drawing in businesses interested in a unique, culturally rich setting. These locations highlight Dubai's diversity, accommodating various industry needs and preferences.
Retail Segment Snapshot
The retail segment also performed well, with 135 transactions valued at AED 296.7 million, reflecting sustained investor interest in prime retail spaces throughout the city.
At CRC, we see this momentum in retail transactions as a clear indicator of Dubai’s dual appeal as both a business hub and a vibrant retail destination, where demand for commercial and consumer-focused spaces remains robust.
The top 5 destinations for retail sales transactions were:
- International City
- Mirdif
- Business Bay
- MBR City
- Jumeirah Village Circle
CRC October Overview
The office sales and leasing market in Dubai is showing significant momentum, with CRC data revealing a 64% year-on-year increase in buyer leads.
Business Bay continues to be the top-performing community for office sales, reflecting its strong appeal among buyers.
Moreover, the average selling prices across commercial property types stand at AED 2,531,250 for office spaces, AED 3,600,000 for retail units and AED 10,700,000 for warehouses, showing robust demand and investment potential across diverse sectors.
Leasing activity is also on the rise, with tenant leads increasing by 23% year-on-year.
Key locations for commercial leasing, such as Jumeirah Lake Towers (JLT), Business Bay and Media City, demonstrate their continued attractiveness for businesses seeking prime locations.
Leasing prices average around AED 462,725 for office spaces and AED 567,398 for retail spaces.
The upward trends in both buyer and tenant interest across these areas underscore the resilience and growth of Dubai's commercial property market, particularly in its most sought-after communities.
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