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DMCC 8% YOY rise in office space demand in Q1 2016

The Dubai Multi Commodities Centre (DMCC) achieved 8% year-on-year growth in amount of space transacted during the first quarter of this year

The above graph illustrates the growth of DMCC Office since 2010.
The above graph illustrates the growth of DMCC Office since 2010.

The Dubai Multi Commodities Centre (DMCC) achieved 8% year-on-year growth in amount of space transacted during the first quarter of this year.

In conjunction with Core, UAE associate of Savills, the free zone succeeded in leasing almost 18,000 sqm (192,000 sqft) of office space to 146 companies during the course of 2015.

DMCC Office has witnessed a further increase in acquisition demand since the turn of the year, which Core UAE described as “a decisive shift in the [free zone’s] office market sentiment to one of opportunity and optimism”.

Commenting on the uptick in demand, Joel McQueen, director of DMCC Office, said: “We have witnessed an 8% growth in the amount of space transacted in Q1 2016 versus Q1 2015.

“Despite the global economic outlook, we don’t see a slowdown in momentum of new companies establishing in DMCC,” he continued.

“This is for a number of reasons; in addition to its salient features as a central business hub with world-class infrastructure, DMCC over the last few years has invested in and implemented a substantial eGovernment strategy, streamlining the licensing process and establishing new PPP [public-private partnerships] like our own to drastically simplify and expedite the procedures for companies looking to set up in the DMCC free zone,” added McQueen.

Core, UAE associate of Savills, is now in its third year of partnership with DMCC as its real estate brokerage partner.

DMCC was formed in 2002 by the Dubai government, and is officially recognised as the largest free zone in the UAE, with over 10,000 registered companies under licence.

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