We’re back with an exciting episode of Taking Care of Business; Agent Stories and this time around Operations Director; Paul Kelly is joined by Senior Commercial Consultant; Jade Simspon. Tune in to find out all about Jade’s journey into the real estate industry, what it takes to be a good commercial agent, how you can achieve up to 12% ROI on properties and what happens when armed security storm your tenancy signing!
Paul begins by asking Jade about her journey to Dubai. Jade recounts her career starting in the events industry and how a chance encounter with a real estate agent led her to pursue a career in residential lettings and sales in Central London.
After a successful stint in London, Jade took a leap of faith after 14 years and moved to Dubai, where she joined Allsopp & Allsopp and transitioned into the commercial real estate sector.
Jade and Paul continue by discussing the differences between residential and commercial real estate, highlighting the challenges and opportunities in the commercial sector. Jade further emphasises the importance of understanding the specific needs of clients, guiding them through the processes, and building strong relationships to thrive in the commercial real estate market.
Jade highlights that being a commercial real estate agent requires a strong understanding of the market and a business-oriented mindset. Unlike residential real estate, commercial properties are valued per square foot, making it a fact-driven rather than an emotional transaction. The sector demands patience, as deals may take months to materialise due to corporate decision-making processes and complexities.
The discussion also touches on the current trends in the Dubai commercial market, with a focus on high demand and limited supply, leading to attractive returns for investors. Jade shares that commercial properties are likely to receive 10-12% ROI compared to residential properties that stand at 4-9%.
Jade emphasises the excellent returns and stability that commercial investments provide. She explains how commercial properties tend to maintain their value better than residential ones and attract long-term tenants due to the substantial initial investments made by businesses in their office spaces
They talk about the significance of Dubai's commercial sector as an indicator of the overall economic health and job market in the city. As more businesses establish their presence in Dubai, the demand for commercial properties continues to rise, influencing the job market and population growth.
Paul asks Jade about her funniest encounter during a sale or signing, and she shares a humorous anecdote from a contract signing in Almas Towers, a high-security commercial building known for housing jewellery and gem businesses. A tenant accidentally triggered the silent security alarm, causing armed security to burst into the meeting. Despite the initial chaos, it turned into a funny story later.
Jade and Paul conclude upon a few quick fire questions where she shares her passion for the real estate industry and shares her recent achievement of purchasing her first apartment in Dubai Hills.
Tune in to hear all that and more on Taking Care of Business, every Friday!