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'Office market more stable'

12.04.2015
'Office market more stable'
Leasing trends for offices have not been impacted by concerns that the Dubai/UAE economy could be in for a rougher ride from weak oil prices.

Unlike with residential, where there have been bouts of volatility in recent months, Dubai’s office realty seems to be having a better time.

According to a Gulf News report, this has been helped by stability in demand as well as steady supply of new stock coming in. At a broader level, it also means that leasing trends for offices have not been impacted by concerns that the Dubai/UAE economy could be in for a rougher ride from weak oil prices.

The overall office stock in Dubai at the end of the first quarter is estimated at 8.1 million square metres, including the 40,000 square metres at Dubai Design District that got delivered during this period, according to estimates by CBRE. Through the whole of last year, the new deliveries were around 420,000 square metres.

“There wasn’t a major correction in Dubai’s office property market … all through the last two or three quarters it’s been recording steady movements rather than sharp ups or downs,” said Samir Munshi, managing director of Silver Heights, a real estate investment and brokerage firm. “For instance, at the two office towers (Oxford and Empire Heights) in Business Bay, occupancy has gone beyond the 50 per cent mark in the last 12 months."

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Call management
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Lease process (Rent out)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

Property management

Lease process (Rent)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.
Real estate search.

Up to 5 days

Real estate search.

Selection of optimal options.

Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the lessee:

-5% agency commission of the annual contract price

Additional services:

None

Purchase process
Contract of the tenant and agency.

1 hour

Contract of the tenant and agency.
Property Selection

~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

Registration of the contract of purchase / sale

1 Week

Registration of the contract of purchase / sale
Customer charges:
  • 2% from purchase at transaction
  • 4% - registration of the transaction at registration
Additional services:

Property management

Sales Process
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

None

the management process
Contract of the owner and agency

1 hour

Contract of the owner and agency
Rendering of management services

1 year

Rendering of management services
Reporting

1 day

Reporting
Expenses of the owner:

5% of the annual rental price

Additional services:

None

Investment Process
Contract of the tenant and agency.

1 hour

Contract of the tenant and agency.
Selection of optimal investment options

From 3 days

Selection of optimal investment options
Registration of the contract of purchase / sale

1 Week

Registration of the contract of purchase / sale
Expenses of the investor:
  • 2% when investing in the secondary market
  • 0% when investing in a new building
  • 4% - registration
Additional services:

Property management