Knight Frank – Dubai Office Market Review, H1 2024

Knight Frank's "Dubai Office Market Review, H1 2024" provides a comprehensive analysis of the city's office sector for the first half of 2024. The report highlights a 22.4% year-over-year increase in average office lease rates, driven by rising demand and limited supply across key submarkets. Grade A office occupancy levels have exceeded 90%, indicating a robust market. The Dubai International Financial Centre (DIFC) remains the most expensive area, with average rents reaching AED 355 per square foot. The Trade Centre District follows closely, with rents at AED 350 per square foot, marking an impressive 81% increase over the past 12 months. Transaction volumes also indicate a thriving market, with the total value of transactions in H1 2024 recording a 24% year-on-year increase, reaching AED 2.7 billion. The report underscores the resilience and growth potential of Dubai's office market amid evolving economic conditions.