While many existing businesses in Dubai have adopted a hybrid work model, most employers are bringing their workers back to the office and retaining the existing “spatial footprint”.
With progressive cryptocurrency regulations and frameworks in place, Dubai is attracting many cryptocurrencies-related businesses.
The government has introduced several reforms, including new visas, to attract tourists, global talent, and foreign investments. The reforms are “game-changing” and are expected to be “an unprecedented catalyst” for Dubai’s real estate market, according to global professional services firm CORE.
Demand for office space in Dubai has surged to a five-year high amid a huge influx of foreign businesses looking to relocate or expand in the UAE, according to the latest data.
A lot of the demand has come from businesses operating in the services and technology fields, including fin-tech and cryptocurrencies-related entities.
In recent months, Dubai has seen a record number of new business licenses being issued, as well as Ejari registrations.
According to the CORE, a surge in inquiries is coming from EU/UK and other international markets wanting to expand in Dubai due to its favorable and open business environment.
The company noted that Dubai is also seeing an influx of many international firms relocating their staff and operations from Russia and Ukraine.
With demand for office space rising, rents have also gone up, particularly in popular business districts such as Sheikh Zayed, where leasing rates rose by 35 percent in the first quarter, One Central (29 percent), Business Bay, and Jumeirah Lakes Towers (29 percent) and Downtown Dubai (16 percent).
