Office construction set to double
UAE leading the way in new projects
New office projects are set to double between 2009 and 2010 within the GCC according to new research commissioned by dmg world media, organisers of The Office Exhibition.
The research estimates that the total value of construction projects for the commercial sector in the GCC between 2009 and 2010 is US$34 billion, with the spend on interior design at over US$4 billion. The UAE is leading the way in terms of new commercial projects, accounting for 66% of the total value.
"Despite the economic recession, the Middle East remains an attractive location for companies to locate to, and this is borne out by the fact that office space continues to grow within the region. In addition to the significant value of the commercial projects to the construction sector, there is massive potential for interior designers and office suppliers,” said The Office Exhibition event director Sinead Bridgett.
Combined, the new office space in 2009 and 2010 in the UAE is worth US$22 billion, with estimated fit-out and interior design contracting (IDC) spend at US$2.7bn. In KSA, office space of around 8 million m2 is expected to grow between 20-30% by 2012. The total value of new projects is estimated at US$4.8 billion, with fit-out and IDC at US$577 million.