Speaker: Craig Plumb, Head of MENA Research, JLL
Craig discussed and provided the following information:
- Dubai office market overview based on the JLL’s report for Q4-2017 included UAE and Dubai macroeconomic overview; prime rental clock; office supply and performance.
- Workspace, reworked included technology and organizational changes as the main factors influencing the Real Estate change; workplace as service; locating the new workforces and change in action/co-working.
- Mapping the growth of flexible office space included defining the flexible office space; different co-working and service models as well as other models and the case study done for central London showing how flexible working drives office activity.
- Flexible office space in Dubai included the limited supply of co-working space; the market shares of top 3 operators: Regus, Myoffice and Servcorp.
Flexible ways of working are requiring more flexible office space solutions. While not a major part of the office landscape in the Middle East to date, flexible office space is a growing global trend that will have a major impact upon local markets over the next 5 years.
About 320,000 m2 space leased to co-working operators in central London over last 4 years (15% of total absorption).
Dubai currently has limited supply of co-working space (about 80,000 m2) which is about only 1% of the total office space.
Regulatory environment has been the major constrains in Dubai but this may change with more flexible regulations in the future.