Exceptional Performance Across UAE’s Real Estate Sectors in Q4 2024

05 Feb 2025 CW Team

As of the end of December, average occupancy rates across assets tracked by CBRE had reached 94%, up from 92%, a year earlier. This trend is expected to prevail through 2025 as new deliveries remain limited and as the non-oil countries grow and generate more employment growth. Office rentals have continued to move upwards through the fourth quarter with average leasing rates increasing by around 20% respectively year-on-year as compared to Q4 2023.

In Abu Dhabi, recorded real GDP growth reached 4.5% year-on-year during Q3 marking the fastest pace of expansion in the Emirate since Q4 2022. Growth was primarily driven by the non-oil sectors which grew 6.6% year-on-year and 5.9% in year-to-date, supporting continued expansion of the office sector, amidst strong growth in new business licenses and expansion of companies. This has been reflected in the continuation of tenant demand for new office accommodation, with strong lease up trends demonstrated by premium assets.

With occupier demand remaining firm, there has been an increase in construction activity in response, with several new office towers currently being developed across the upper parts of Abu Dhabi Island, predominantly of Grade B/C quality. Average occupancy rates have continued to rise, ending the year at over 94%, with rental rates also moving in the same direction, jumping 15% year-on-year as Landlords have become increasingly bullish with position on new lease terms, in the face of escalating demand and diminishing availability of quality supply.

CBRE Middle East, the global leader in commercial real estate services and investments, released its latest edition of the UAE Real Estate Market Review for the fourth quarter of 2024. Dubai’s commercial investment market has witnessed a jump in transactional activity over the past 12 months against the backdrop of cyclical high office occupancy rates and continued rising rental values. With supply now becoming increasingly tight across prime and secondary locations, leasing volumes are now being constrained with more limited large sized office transactions completed during the final quarter. As of the end of December, average occupancy rates across assets tracked by CBRE had reached 94%, up from 92%, a year earlier. This trend is expected to prevail through 2025 as new deliveries remain limited and as the non-oil countries grow and generate more employment growth. Office rentals have continued to move upwards through the fourth quarter with average leasing rates increasing by around 20% respectively year-on-year as compared to Q4 2023. In Abu Dhabi, recorded real GDP growth reached 4.5% year-on-year during Q3 marking the fastest pace of expansion in the Emirate since Q4 2022. Growth was primarily driven by the non-oil sectors which grew 6.6% year-on-year and 5.9% in year-to-date, supporting continued expansion of the office sector, amidst strong growth in new business licenses and expansion of companies. This has been reflected in the continuation of tenant demand for new office accommodation, with strong lease up trends demonstrated by premium assets. With occupier demand remaining firm, there has been an increase in construction activity in response, with several new office towers currently being developed across the upper parts of Abu Dhabi Island, predominantly of Grade B/C quality. Average occupancy rates have continued to rise, ending the year at over 94%, with rental rates also moving in the same direction, jumping 15% year-on-year as Landlords have become increasingly bullish with position on new lease terms, in the face of escalating demand and diminishing availability of quality supply.

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