According to CB Richard Ellis, leading global real estate advisory, the office space in Dubai is expected to grow by almost 250% within 3 years to 110 million sq ft. Currently, Dubai has 32 million sq ft of office space with almost absolute occupancy resulting in high rents.
Nicholas Maclean, Managing Director, CB Richard Ellis, Middle East, said, "Unprecedented amount of ongoing construction activity will create new supply of 80 million sq ft between 2008 and 2011. Only a limited proportion of new supply will meet the needs and requirements of multinational companies".
Real estate firm believes that a correction in rentals can be expected in Dubai with the availability of new office spaces. However, All the buildings under construction will not be able to meet international office space standards and pressure on prime office locations may continue.
