Dubai:– CRC, the leading commercial real estate consultancy in Dubai, has released its analysis comparing Q1 2024 to Q1 2023, revealing significant trends in buyer and tenant leads across Dubai's top office areas. The data underscores an increase in buyer leads by 21% and a modest rise in tenant leads by 5%, indicating sustained interest and activity within the market.

Top Office Transaction Locations

During the first quarter of 2024, Business Bay emerged as the premier location for office transactions in Dubai, recording a substantial total of 307 transactions. Following closely behind was Jumeirah Lake Towers (JLT) with 220 transactions. Jointly occupying the third position were Jumeirah Village Circle (JVC) and Silicon Oasis, each boasting 41 transactions.

Sales Trends in Key Areas

Business Bay: The office and retail segments drove significant expansion, with office transactions surging by 8% compared to Q1 2023 and retail transactions experiencing a substantial growth of 23%.

Jumeirah Lake Towers (JLT): Renowned for its picturesque lakeside setting and diverse office spaces, JLT remains a favoured destination for office investors and end-users.

3. Jumeirah Village Circle (JVC) and Silicon Oasis: Both locations hold appeal for office investors and end-users. JVC's tranquil environment and Silicon Oasis's tech-focused infrastructure contribute to their attractiveness.

Leasing Sector Dynamics

In the leasing sector, CRC's analysis reveals discernible shifts in tenant leads and reservations. Despite a 5% increase in tenant leads, there has been a decrease in leasing transactions across all segments, attributed to clients opting to invest in properties due to rising rental prices.

Top Leasing Communities Offices
1st - Jumeirah Lake Towers (JLT)
2nd - Business Bay
3rd - DIFC
4th - Dubai Media City
5th - Barsha Heights (Tecom)

Behnam Bargh, Managing Director at CRC, commented on the findings, noting the shifting dynamics within the leasing segment. While tenant leads have increased, leasing transactions have slightly decreased, possibly due to rising rental prices prompting clients to explore investment opportunities.

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