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Dubai Office Market Update - Q3 2016

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Dubai Office Market Update - Q3 2016

The backdrop of volatility and geopolitical uncertainty continues to affect global trade volumes and in turn the job market. Anecdotal evidence suggests that the impending US elections is pushing many international corporate occupiers to hold expansions/relocations until the end of 2016 and the first phase expansion of new large corporate occupiers continues to be limited.

Although Dubai pulls the most weight for economic development in the region, contradictory signals are emerging from employment demand drivers - Emirates NBD displayed a higher PMI index growth with “new work” accounting for a positive boost and the business expectations index rose to a 15-month high of 71.3 in September from 60.1 in August. However, indicated a 24% drop in job creation compared to last year in the UAE, the lowest in the last 18 months. Having said this, employment activity is expected to gain momentum, particularly for engineering and production sectors, as Expo 2020 contracts kick off.

Source : Core Savills

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