Allsopp & Allsopp take the lead in commercial real estate

Allsopp & Allsopp take the lead in commercial real estate

Monday 12 October 2020Wed 16 Feb
Allsopp & Allsopp take the lead in commercial real estate

Award winning property experts Allsopp & Allsopp receive the most commercial Property Finder rental leads for sales and leasing in key areas across Dubai.

Allsopp & Allsopp pride themselves in their residential market success and have now taken the lead in the commercial property market across the city as Property Finder’s highest lead generator for sales in JLT and leasing in Business Bay for the month of September. The real estate brokerage stepped into the commercial realm in April 2019 and have already made their stamp.

Lewis Allsopp, CEO of Allsopp & Allsopp says “We built the commercial team in 2019 because we wanted to expand the business and could see the potential in the commercial property market in Dubai. We began by hiring Emrah Yar as Head of Commercial as he had extensive experience in the sector and he hit the ground running and has since built a very strong commercial department.”

Since the start of the department, the Allsopp & Allsopp commercial team have invested heavily in marketing to ensure the properties they list are well presented and most importantly, at the forefront of commercial property searches on major property portals.

Emrah Yar, Head of Commercial at Allsopp & Allsopp says “This year, we have seen a significant increase in activity when it comes to commercial spaces across Dubai, especially after lockdown. Buyer registration rose by 129% from February to August with the number of new commercial properties coming to the market rising by 150% between February and July.”

The rise in both buyer and tenant registrations and properties coming to the market are a result of new business start-up’s and businesses restructuring.

Yar explains “A few companies have been in contact with us to look for smaller office spaces, mainly because they have found that remote working has been beneficial to their business and they have decided to cut rental costs by moving to smaller premises. On the other hand, we have had enquiries from businesses who are looking to expand and need more offices across the city as a result of more market share coming available in their industry. 

The commercial market prices have remained resilient throughout the pandemic with some areas only noticing a slight decline in rental price. 

Yar says "Rental prices in prime office locations such as JLT have not fluctuated significantly. Standard units can go from anywhere between AED 50 -70 per sqft with fully fitted and furnished units to a high standard reaching as much as AED 100 per sqft. Most prices in Business Bay have also remained the same. In Business Bay office prices can vary between AED 60 to AED 100 per sqft, again, depending on the building and the condition of the office. The same can be said for office spaces in DIFC. Prices on average in the area have remained the same and start from 150 per sqft and can reach as high as 350 per sqft. The only place I would say that has seen a slight decline in prices is Downtown. Downtown offices in 2019 were being rented at approximately AED 150 to AED 200 per sqft compared to AED130 sqft rental price now."

The slight drop in prices in Downtown has prompted some companies to upgrade their office location or size. For example, we have had a number of companies contact us about renting an office in Downtown Dubai as opposed to their current office space in Business Bay because they will be paying slightly more for an office in a prime location than their current office and be closer to their clientele.”

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