Appeal of UAE boosts supply of office space |
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The UAE is growing as a business hub and as new companies move into the market they obviously need a base, which has seen office space double in some areas.
Dubai has been the most lucrative with office space growing by 200 per cent this year alone, according to organisers of The Office Exhibition, DMG World MediaDMG World Media
.The annual event will be held for the eighth time next March and a record number of exhibitors are expected as multinationals and local firms set up shop here.
"This is a boom time for office suppliers," says Exhibition Director Sinead Bridgett. "The regional trend is highlighted in Abu Dhabi where, since 2000, office supply has grown by 50 per cent to a total of 460,000 square metres of gross floor area.
"This growth will accelerate in the next five years as the new master plan for the city takes shape, and it's a similar pattern in Dubai and other parts of the region."
It is also a lucrative time for office outfitters, with more than half of the companies spending between $300,000 and $1 million (Dh1.1m to Dh3.67m) on design and equipment, with some investing even more.
"The event is a valuable one-stop shop for the region's wealthy architectural and interior design firms, for consultants and specifiers, agents and distributors, as well as for the aspirational end-user," adds Bridgett.
Almost 300 companies from 25 countries are expected to be involved, with manufacturers and suppliers of workstations, IT systems and security and lighting all pushing their latest products.
New company Red is one supplier due to take part and it sees the event as an opportunity. Hani Al Qasem, Managing Director of Red's parent company, The Arki Group says, styles - just as in the fashion industry - are also changing in the workplace. "Office style used to be more conventional and simple; this has started to change towards more modern and timeless interiors and furniture in the last few years," he says, adding that the construction boom in Dubai has been particularly beneficial. Yet, as we are finding with a number of sectors, furniture manufacturers are not immune from the global slowdown and as such Al Qasem is braced for any problems that may lie ahead.
"The financial crisis has seen some projects being put on hold and cash flow is being slowed down in recent months," he says.
However, other companies are still pressing ahead. Chris Watson, Managing Director of interior design firm KPSKPS
, says: "A lot of the growth has to do with Dubai establishing itself as a prominent business district. Over the past five years we have seen 30 to 40 per cent growth year-on-year."And with reports of a shortage of office space in Dubai and Abu Dhabi, companies must make the most of what they have. This could prove lucrative for some as international firms continue to demand a presence, due to the UAE being an emerging market.
© Emirates Business 24/7 2008
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