UAE leads the region in new office space

The UAE leads the way in terms of new commercial projects, accounting for 66 per cent of the total value in the GCC countries.

The UAE office sector is ahead of the rest of the region in terms of new space, accounting for a third of all new commercial construction projects, followed some way behind by Saudi Arabia at 14 per cent and Qatar at nine per cent.

Meanwhile, new office projects are set to double between 2009 and 2010 within the GCC according to new research commissioned by dmg world media, organisers of The Office Exhibition.

The research estimates the total value of construction projects for the commercial sector in the GCC between 2009 and 2010 is $34 billion (Dh125bn), with the spend on interior design more than $4bn. The study was conducted by leading independent research company Ventures Middle East on behalf of dmg.

In the UAE, total office stock in Abu Dhabi is estimated at 1.3 million, with Dubai at 3.1 million. Combined, the new office space in 2009 and 2010 in the UAE is worth $22bn, with estimated fit-out and interior design contracting (IDC) spend at $2.7bn.

In Saudi Arabia, office space of about eight million square metres is expected to grow between 20 and 30 per cent by 2012. The total value of new projects is estimated at $4.8bn, with fit- out and IDC at $577 million.

In Qatar, Doha's office market has experienced significant growth, with the value of total commercial office projects expected to be completed between 2009 and 2010 at $3.1bn, and IDC and fit-out estimated at $374m.

The office stock in Bahrain is estimated at 500,000 sqm, and research suggests there is demand for an additional 80,000 sqm. Additional office space projects worth $1.4bn are set to supply the market between 2009 and 2010, with IDC and fit-out at $172m.

In Oman, the majority of office supply and demand is concentrated around the Muscat Governate, with new office projects between 2009 and 2010 estimated to be worth $710m, with IDC and fit-out at $85m.

Sinead Bridgett, The Office Exhibition event director, said: "Despite the economic recession, the Middle East remains an attractive location for companies to locate to, and this is borne out by the fact that office space continues to grow within the region. In addition to the significant value of the commercial projects to the construction sector, there is massive potential for interior designers and office suppliers."

Now in its ninth year, The Office Exhibition is the Middle East's only office solutions event. Set to take place at the Dubai World Trade Centre from February 9 until 11, 2010, the show will feature more than 250 companies, covering an area of approximately 19,000 sqm.

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