Game-Changing Tips For Commercial Real Estate Success
On this week’s episode, join our Recruitment Director; Kameron Hutchinson alongside our Head of Commercial; Jade Simpson to chat about all things commercial real estate, the future commercial hubs and areas, and how Dubai’s commercial market continues booming amidst the global slowdown.
Let’s dive into their discussion…
Looking into: H1 2024 and the undersupply for commercial units in Dubai
Jumping right in, Jade and Kameron discuss the H1 results from the commercial real estate market with DLD data and insights from Allsopp & Allsopp’s H1 property market snapshot. Jade shares her journey of returning to Allsopp & Allsopp, after a brief stint elsewhere. She discusses how she is set to lead up the commercial arm of Allsopp & Allsopp.
Kameron then continues by addressing one of the most pressing issues— the significant commercial undersupply in Dubai. Jade shares the multiple reasons behind this undersupply and addresses just how many developers are working around the clock to address this.
How is Dubai attracting more businesses?
Kameron points out that Dubai is experiencing a massive influx of businesses preferring office-based work over remote work, starkly contrasting with trends in other parts of the world. He adds on by addressing how in Q1, there was an influx of 19,000 new businesses in the market.
Jade then adds on by discussing the unique advantages Dubai offers, such as low crime rates and tax benefits, making it an attractive destination for businesses planning their setting up here in Dubai.
The dynamics of Dubai’s commercial undersupply
A continuation of this discussion unfolds about the apparent shortage of commercial spaces in key areas like Business Bay and JLT between Kam and Jade.
Jade clarifies that although there are vacant retail spaces, the real crunch is in the availability of office spaces. With high costs and limited supply, businesses are finding it challenging to secure commercial real estate that meets their needs.
Numerous new businesses, government initiatives and favourable conditions have resulted in high demand and limited supply of office spaces. Jade explains that new areas like Expo City and Dubai Commerce City are set to become hubs for commercial activities, offering larger floor spaces suitable for various office needs.
Jade also touches on the importance of having well-fitted office spaces. The modern office is more than just a workplace; it’s about creating a space where employees feel comfortable and find a space for belonging.
Jade discusses her secrets to real estate success in the commercial market, addressing how agents can earn more in commercial versus residential.
Keen to know more, you can tune into Taking Care of Business, every Friday!