CARS24 leases ten lakh quare feet commercial space in Jebel Ali

CARS24, India’s largest e-commerce platform for pre-owned vehicles has leased a 1,000,000 sq ft commercial space in Jebel Ali, with a total deal value over AED 40million, in one of Dubai’s largest-ever leasing contracts on record. With a company value of more than $2 billion, CARS24 is reforming the way pre-owned cars are purchased in the UAE through their next-generation e-commerce platform for old cars. The new space will be used to expand their works in Dubai. Abhinav Gupta, the CEO of the Gulf Region at CARS24, told the media that this is a milestone for them in the UAE and it will surely be one of the highlights of their presence in this market. In just six months they have sold 2000 plus pre-owned cars and they now want to upgrade their business to the next level. Knight Frank, the leading global real estate consultancy company has brokered the deal. Andrew Love, partner and head of commercial agency Knight Frank Middle East, told the media that the new commercial site will help them well over the following years and would provide them with the added capabilities to develop and expand their business. The pandemic has catalysed a transformation in consumer shopping habits, with many swapping online purchasing. The UAE e-commerce retail market was evaluated to be worth a record $3.9 billion in 2020, a 53% jump in value in 2019. The Dubai Chamber of Commerce and Industry predicts that this figure will increase to $8 billion by 2025, indicating an extended time of strong demand for warehouse facilities from the nation's retailers. Prime headline office rents in Dubai have begun to stabilise, but overall, rents remain at 9-year lows, leaving occupiers constantly in the driving seat. Knight Frank emphasises that business confidence in the UAE has been a crucial factor in developing conditions, with the latest PMI figures revealing maintained business expansion activity for seven consecutive months, emphasising the positivity percolating through the economy as it shakes off the lingering influence of the pandemic. Image Source