Moscow pips Dubai to top global office construction
Colliers International says that Dubai’s commercial space will almost double with new projects
Dubai has 2.2 million m2 of commercial space currently under construction with many new large scale commercial developments expected within the next three years, according to property consultant, Colliers International.
Ian Albert, director of consultancy services, Colliers International, said: “There will be a lot of commerical developments announced within the next three years, apart from the developments currently under construction, which will then almost double the commercial space.”
“At the moment there is around 1.2 million m2 of commercial space in the Central Business District, which is packed to capacity, with the figure going up a little higher if the other smaller commercial areas around the city are taken into consideration.”
Colliers International has ranked Dubai second in the world in terms of office real estate construction activity, coming in after Moscow, which has an estimated 2.5 million m2 of commerical property under development.
According to the company’s mid-year Global Office Real Estate Review, the end of 2007 is expected to see a shift from undersupply to oversupply in commercial office space. Collier International’s mid-year review assesses the worldwide commercial property markets in 50 countries.
According to the report, Asia’s commercial construction industry is also thriving. Beijing and Shanghai came in third and fourth in the global rankings with 2.1 million m2 and 2 million m2 of office space under construction, respectively.
Paris was the only European city that ranked in the top 10 with 1.3 million m2 of commercial property currently under development.