The commercial sector in Dubai recorded more than 237,000 rental contracts in 2024 with a total value of AED 25 billion, with an average of AED 103,000 per contract (AED 162 per square foot), according to Property Monitor data.
Retail shops topped the list in terms of the value of rental contracts with AED 9.2 billion resulting from 59,739 contracts, with an average total value of AED 154,000 (AED 259 per square foot), followed by office spaces with AED 8.9 billion through 146,129 contracts, with an average rental price of AED 61,000 (AED 101 per square foot). Warehouses came in third place with a value of AED 1.57 billion achieved through 8,551 contracts, with an average rental price of AED 184,000 (AED 46 per square foot).
Deira came in first place in terms of the number of commercial lease contracts, with 85,723 contracts, representing 36.1%, followed by Bur Dubai in second place with 18,297 contracts (7.7%), followed by Dubai Investment Park in third place with 18,205 contracts (7.7%), and in fifth place came Business Bay with 15,094 contracts (6.4%), while in fifth place was Al Quoz with 14,625 contracts (6.2%). In terms of price value, contracts less than AED 50,000 accounted for the largest share at 57.2% (135,564 contracts), followed by contracts ranging between AED 50,000 and AED 80,000 at 13.7% (32,469 contracts), then contracts ranging between AED 80,000 and AED 120,000 at 10.4% (24,648 contracts), contracts exceeding AED 200,000 came in fourth place with a share of 9.4% (22,278 contracts), contracts ranging between AED 120,000 and AED 160,000 came in fifth place with a share of 5.8% (13,746 contracts), and finally, in sixth place, contracts ranging between AED 160,000 and AED 200,000 came in at 3.5% (8,295 contracts). Dubai’s commercial real estate leasing sector witnessed a strong performance in 2024, driven by increased demand for office and retail space, with office and retail rents increasing by 4%, while warehouses saw a further increase of 19%, indicating a significant growth in rental demand in the industrial sector.
Commercial property sales also increased by 28% year-on-year, reaching a value of AED 23.2 billion. Areas such as Business Bay and Jumeirah Lakes Towers topped the list of most in-demand areas for office space. Average prices increased by 31% year-on-year, reflecting continued strong demand and limited supply for premium office space.
Overall, Dubai’s commercial real estate leasing sector continued to grow in 2024, supported by increased demand for office and commercial space, reinforcing Dubai’s position as a leading destination for business and investment.