The growth comes as global banks and businesses look to the emirate to expand into an emerging global financial centre.

Many office centers are already 90% occupied or are in the supply phase with a long waiting list.

Demand for premises across Dubai is on the rise as the emirate attracts more expats due to its quick response to the pandemic and relatively easy access to visas.

Rent for premium class offices increased by 7% year-to-date, while class A office rent increased by 7.2%. For example, in New York and London, luxury office real estate grew by 1.4% and 3%, respectively.

Experts note that after the global pandemic, Dubai was able to “lure employees back to their jobs.”

Source: Arabianbusiness