{"id":101523,"date":"2025-03-11T00:00:00","date_gmt":"2025-03-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/office-lease-rates-rise-in-2024-as-space-runs-out-knight-frank\/"},"modified":"2025-03-11T00:00:00","modified_gmt":"2025-03-11T00:00:00","slug":"office-lease-rates-rise-in-2024-as-space-runs-out-knight-frank","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/03\/11\/office-lease-rates-rise-in-2024-as-space-runs-out-knight-frank\/","title":{"rendered":"Office lease rates rise in 2024 as space runs out -Knight Frank"},"content":{"rendered":"

Rising demand for Grade A office space in Dubai is forcing businesses to <\/strong>expand <\/strong>into new commercial districts<\/strong>, including Expo City<\/a> and Dubai Science Park<\/a>, as occupancy levels in the city\u2019s prime business hubs reach record highs, according to Knight Frank\u2019s Dubai Office Market Review (pdf)<\/a>. With space running out, companies are also pre-leasing offices before they are even completed.<\/p>\n

Occupancy levels hit record highs: <\/strong>Occupancy rates at the Dubai International Financial Center (DIFC) hit nearly 100%, while prime buildings on Sheikh Zayed Road are averaging 95.4% occupancy. Downtown Dubai and Business Bay are also near full capacity with occupancy levels ranging at 95-97%. <\/p>\n

Office lease rates in Dubai\u2019s major business districts jumped 24.3% year-on-year in 2H 2024<\/strong>. The Trade Centre District saw the biggest spike, with rents rising 96%. The Greens and Dubai South followed with an 83% increase, while Sheikh Zayed Road (West) recorded a 50.4% jump.<\/p>\n

Companies are scrambling for space<\/strong>, with demand for 1.28 mn sq ft of office space recorded in 2024, up 64% y-o-y from 2023. The banking and finance, real estate, and business services sectors alone accounted for 843k sq ft of that demand. <\/p>\n

Office sales transaction volumes jumped alongside leasing demand<\/strong>, with 1.6k transactions recorded in 2H 2024, a 10% increase compared to 1H. Transaction values also jumped, hitting AED 3.8 bn in 2H 2024, a 41% increase from 1H 2024 and a 38% spike compared to 2H 2023, according to the report.<\/p>\n

Why is it happening? <\/strong>Dubai\u2019s office boom is fueled by a wave of new businesses, multinational relocations, and local corporate expansions, Khaleej Times<\/a> quotes head of research for Mena at Knight Frank Faisal Durrani as saying. The city\u2019s zero corporate tax, pro-business policies, and lower real estate costs compared to global financial hubs have made it a magnet for companies. <\/p>\n

In context: <\/strong>\u201cDespite recent growth, office rents still trail the pre-global financial crisis. Indeed, prime rates in the DIFC are still about 50% below 2009 levels,\u201d Durrani said.<\/p>\n

Relief is on the way:<\/strong> Dubai is set to add 8.2 mn sq ft of office space by 2028, an 86% increase from the previous development cycle between 2021 and 2024. The bulk of new supply will come from major projects like DIFC Square, which will add 5.4 mn square feet, along with Tecom\u2019s 650k sq ft and Aldar\u2019s Sheikh Zayed Road development, which will contribute 88k sq ft. Even with this influx of new office space, rents are expected to stay elevated as demand continues to outpace supply, Durrani added.<\/p>\n","protected":false},"excerpt":{"rendered":"

Dubai\u2019s office lease rates in main office districts surged 24.3% y-o-y in 2H 2024<\/p>\n","protected":false},"author":1,"featured_media":101524,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1565],"tags":[87,794,7,98],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-101523","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-dubai","tag-dubai-international-financial-center","tag-enterpriseam-uae","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"c90d2f15-a2cb-4414-98fd-c7e2053f81f7","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/1\/879.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Office lease rates rise in 2024 as space runs out -Knight Frank","related_issue":[101509],"teaser":"Dubai\u2019s office lease rates in main office districts surged 24.3% y-o-y in 2H 2024","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/3\/.0368fa9b-ba50-4782-9aa1-abeceb1aea61.mp3"},"yoast_head":"\nOffice lease rates rise in 2024 as space runs out -Knight Frank - UAE<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/uae\/2025\/03\/11\/office-lease-rates-rise-in-2024-as-space-runs-out-knight-frank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Office lease rates rise in 2024 as space runs out -Knight Frank\" \/>\n<meta property=\"og:description\" content=\"Dubai\u2019s office lease rates in main office districts surged 24.3% y-o-y in 2H 2024\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/uae\/2025\/03\/11\/office-lease-rates-rise-in-2024-as-space-runs-out-knight-frank\/\" \/>\n<meta property=\"og:site_name\" content=\"UAE\" \/>\n<meta property=\"article:published_time\" content=\"2025-03-11T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2025\/1\/879.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2025\/03\/11\/office-lease-rates-rise-in-2024-as-space-runs-out-knight-frank\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2025\/03\/11\/office-lease-rates-rise-in-2024-as-space-runs-out-knight-frank\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Office lease rates rise in 2024 as space runs out -Knight Frank\",\"datePublished\":\"2025-03-11T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2025\/03\/11\/office-lease-rates-rise-in-2024-as-space-runs-out-knight-frank\/\"},\"wordCount\":411,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2025\/03\/11\/office-lease-rates-rise-in-2024-as-space-runs-out-knight-frank\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2025\/1\/879.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Dubai\",\"Dubai International Financial Center\",\"EnterpriseAM UAE\",\"Real estate\"],\"articleSection\":[\"REAL ESTATE\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2025\/03\/11\/office-lease-rates-rise-in-2024-as-space-runs-out-knight-frank\/\",\"url\":\"https:\/\/enterpriseam.com\/uae\/2025\/03\/11\/office-lease-rates-rise-in-2024-as-space-runs-out-knight-frank\/\",\"name\":\"Office lease rates rise in 2024 as space runs out -Knight Frank - UAE\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2025\/03\/11\/office-lease-rates-rise-in-2024-as-space-runs-out-knight-frank\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2025\/03\/11\/office-lease-rates-rise-in-2024-as-space-runs-out-knight-frank\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2025\/1\/879.jpg?fit=%2C&ssl=1\",\"datePublished\":\"2025-03-11T00:00:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2025\/03\/11\/office-lease-rates-rise-in-2024-as-space-runs-out-knight-frank\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/uae\/2025\/03\/11\/office-lease-rates-rise-in-2024-as-space-runs-out-knight-frank\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2025\/03\/11\/office-lease-rates-rise-in-2024-as-space-runs-out-knight-frank\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/ent.news\/2025\/1\/879.jpg?fit=%2C&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/ent.news\/2025\/1\/879.jpg?fit=%2C&ssl=1\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2025\/03\/11\/office-lease-rates-rise-in-2024-as-space-runs-out-knight-frank\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/uae\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Office lease rates rise in 2024 as space runs out -Knight Frank\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#website\",\"url\":\"https:\/\/enterpriseam.com\/uae\/\",\"name\":\"UAE\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/uae\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#organization\",\"name\":\"UAE\",\"url\":\"https:\/\/enterpriseam.com\/uae\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/42998.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/42998.svg\",\"caption\":\"UAE\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\",\"name\":\"enterpriseam admin\",\"sameAs\":[\"http:\/\/enterpriseam.testing.projectsarea.com\"],\"url\":\"https:\/\/enterpriseam.com\/uae\/author\/enterpriseam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Office lease rates rise in 2024 as space runs out -Knight Frank - UAE","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/uae\/2025\/03\/11\/office-lease-rates-rise-in-2024-as-space-runs-out-knight-frank\/","og_locale":"en_US","og_type":"article","og_title":"Office lease rates rise in 2024 as space runs out -Knight Frank","og_description":"Dubai\u2019s office lease rates in main office districts surged 24.3% y-o-y in 2H 2024","og_url":"https:\/\/enterpriseam.com\/uae\/2025\/03\/11\/office-lease-rates-rise-in-2024-as-space-runs-out-knight-frank\/","og_site_name":"UAE","article_published_time":"2025-03-11T00:00:00+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2025\/1\/879.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/uae\/2025\/03\/11\/office-lease-rates-rise-in-2024-as-space-runs-out-knight-frank\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/uae\/2025\/03\/11\/office-lease-rates-rise-in-2024-as-space-runs-out-knight-frank\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"Office lease rates rise in 2024 as space runs out -Knight Frank","datePublished":"2025-03-11T00:00:00+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/uae\/2025\/03\/11\/office-lease-rates-rise-in-2024-as-space-runs-out-knight-frank\/"},"wordCount":411,"publisher":{"@id":"https:\/\/enterpriseam.com\/uae\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/uae\/2025\/03\/11\/office-lease-rates-rise-in-2024-as-space-runs-out-knight-frank\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2025\/1\/879.jpg?fit=%2C&ssl=1","keywords":["Dubai","Dubai International Financial Center","EnterpriseAM UAE","Real estate"],"articleSection":["REAL ESTATE"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/uae\/2025\/03\/11\/office-lease-rates-rise-in-2024-as-space-runs-out-knight-frank\/","url":"https:\/\/enterpriseam.com\/uae\/2025\/03\/11\/office-lease-rates-rise-in-2024-as-space-runs-out-knight-frank\/","name":"Office lease rates rise in 2024 as space runs out -Knight Frank - UAE","isPartOf":{"@id":"https:\/\/enterpriseam.com\/uae\/#website"},"primaryImageOfPage":{"@id":"https:\/\/enterpriseam.com\/uae\/2025\/03\/11\/office-lease-rates-rise-in-2024-as-space-runs-out-knight-frank\/#primaryimage"},"image":{"@id":"https:\/\/enterpriseam.com\/uae\/2025\/03\/11\/office-lease-rates-rise-in-2024-as-space-runs-out-knight-frank\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2025\/1\/879.jpg?fit=%2C&ssl=1","datePublished":"2025-03-11T00:00:00+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/uae\/2025\/03\/11\/office-lease-rates-rise-in-2024-as-space-runs-out-knight-frank\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/uae\/2025\/03\/11\/office-lease-rates-rise-in-2024-as-space-runs-out-knight-frank\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/uae\/2025\/03\/11\/office-lease-rates-rise-in-2024-as-space-runs-out-knight-frank\/#primaryimage","url":"https:\/\/i0.wp.com\/ent.news\/2025\/1\/879.jpg?fit=%2C&ssl=1","contentUrl":"https:\/\/i0.wp.com\/ent.news\/2025\/1\/879.jpg?fit=%2C&ssl=1"},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/uae\/2025\/03\/11\/office-lease-rates-rise-in-2024-as-space-runs-out-knight-frank\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/uae\/"},{"@type":"ListItem","position":2,"name":"Office lease rates rise in 2024 as space runs out -Knight Frank"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/uae\/#website","url":"https:\/\/enterpriseam.com\/uae\/","name":"UAE","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/uae\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/uae\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/uae\/#organization","name":"UAE","url":"https:\/\/enterpriseam.com\/uae\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/uae\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/42998.svg","contentUrl":"https:\/\/ent.news\/internal\/42998.svg","caption":"UAE"},"image":{"@id":"https:\/\/enterpriseam.com\/uae\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/uae\/author\/enterpriseam\/"}]}},"featured_image_src":"https:\/\/i0.wp.com\/ent.news\/2025\/1\/879.jpg?resize=600%2C400&ssl=1","featured_image_src_square":"https:\/\/i0.wp.com\/ent.news\/2025\/1\/879.jpg?resize=600%2C600&ssl=1","author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/uae\/author\/enterpriseam\/"},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/ent.news\/2025\/1\/879.jpg?fit=%2C&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/posts\/101523","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/comments?post=101523"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/posts\/101523\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/issue\/101509"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/media\/101524"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/media?parent=101523"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/categories?post=101523"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/tags?post=101523"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/brand?post=101523"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=101523"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}