Dubai: Dubai-based Bayti Real Estate announced Monday that it has closed a deal for a premium office space at The Opus, Business Bay, for Dh20.2 million. According to the real estate company, the sale transaction involved a 2,879-sq. ft. premium office space, which they sold for Dh7,040.00 per sq. ft, amounting to Dh20.26 million.
According to a statement from Bayti, the deal represents the highest sale value per sq. ft. of any sale transaction recorded by the Dubai Land Department (DLD).
Iraqi-British architect, artist, and designer Zaha Hadid designed this office and building before her demise in 2016. Her notable works include the Dubai Opera, Sheikh Zayed Bridge in Abu Dhabi, and the Deutsche Guggenheim in Berlin, Germany.
Tariq Williams, CEO of Bayti Real Estate, said, “This transaction reflects the ongoing positive trend in property demand across Dubai, the UAE and the rest of the region. We see a significant shift in how businesses approach their office requirements.”
He added, “With increasing demand for flexible, fully serviced offices in prime locations, companies prioritise spaces that can accommodate hybrid work models and offer collaborative environments. High-end, move-in-ready spaces in premium locations such as Business Bay, Downtown Dubai, and DIFC are in particularly high demand.”
High-end, move-in-ready office spaces in premium locations such as Business Bay, Downtown Dubai, and DIFC are in particularly high demand.
According to Williams, prime locations are in short supply due to rising demand, and businesses are increasingly seeking high-quality, well-located office spaces to meet their evolving needs.
Moreover, Dubai’s office market has responded with increasing occupancy rates, rising from 90.1 per cent in Q1 2023 to 91.3 per cent in Q1 2024, according to CBRE’s latest report.
Leasing trends across the UAE also indicate a growing preference for shorter, more flexible lease terms. Many businesses are also seeking prestigious office locations that reflect their corporate image.
“This demand for flexibility and high-quality office environments is driving competitive bidding for Grade A spaces, with businesses keen to secure prime locations that offer both functionality and prestige,” Williams added.
