Office prices in Dubai continue to decline at fast rates. This is due to vast oversupply of available offices across many areas in Dubai.
Jumeirah Lake Towers currently has around 20% occupancy levels despite very competitive pricing. To make the situation worse for would-be landlords, there is a huge amount of supply of office units to be completed in the next two years. While this represents bad news for landlords, it represents terrific opportunities for existing and start-up businesses.
Lowering the cost to businesses will ultimately benefit the local economy and the population. This represents a particular opportunity for start-up businesses that can potentially afford office space to aid their business operations. This would have been out of the question 2-3 years ago where office space was amongst the most expensive in the world and stories of businesses hiring hotel rooms as office space was common.