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We are at a point where we are seeing a dramatic shift in the commercial real estate market, with the following question being raised, ‘Are companies buying offices to avoid future price hikes?’. For the first time in nearly a decade, prices are on the up, both in terms of leasing and sales, causing a sudden surge in demand in office sales, before prices get even higher.  Yet before we delve into the idea as to whether companies are buying offices to avoid future price hikes, it is better to first understand the reasoning behind this surge in demand, or more to the point, what is currently happening with office rents.  Office rents; What is happening? This year has seen rents at a 9-year low, but things are changing. For the first time in 5 years, rents have increased and beginning to stabilise.  So what has happened?.   Over the past 8-10 years, Dubai’s commercial property industry has seen massive oversupply within the market for office space, and as such, the city has not seen many new major developments to increase supply in the market. As of now, the market is in a much more mature stage with a much wider range of commercial office spaces existing.  That withstanding, we are now at a turning point where demand is starting to outstrip supply. New stock that has entered the market has generally been re-purposed spaces that landlords and developers have configured in order to re-structure their assets so as to keep on top of the trend of increasing office demand. With no new major developments on the horizon, this trend is set to continue, and as such prices have to go up.  Rental prices for offices have begun to see signs of change first time in five years. Rents at prime office addresses have started to stabilise as demand starts to build up among tenants for bigger floor spaces and flexible fit-outs. With demand for these spaces increasing, potential investors and buyers are seeing new opportunities in the market. This is especially the case when one considers that Expo 2020 is just around the corner, which is expected to bring in new business opportunities for the city. As new companies decide to enter the Dubai market, this will only increase demand for office spaces.  So rents are increasing; how is this affecting buyer demand? Over the past few months, we have seen an incredible increase in the number of office sales.  Whilst the idea that office sales are on the rise, might seem counterintuitive, given that remote working has seen a huge spike in the last year due to social distancing rules,  yet the figures clearly speak for themselves. Managers and decision markets within companies are realising that work from home is not a permanent solution, with physical office space still being essential to most businesses. In terms of office sales, we have seen a 132% increase from last year, up from a 4% decrease last year. Prices are only just beginning to start picking up again, with the cost of offices slowing moving back to pre-pandemic levels.  Bearing in mind that these are the buyers, whilst demand for office space is increasing, that is not to say demand for all types of offices rather they are looking for prime office spaces that are move-in ready. This means buyers are looking for spaces that are fully fitted and move-in ready, that they do not have to spend money on before tenants sign a leasing contract.  It is, therefore, the expectation that current landlords who own shell and core spaces, to convert them to be fully fitted, and even furnish them, in order to satisfy current demand.  Although tenants want spaces that are move-in ready, they are also looking for spaces that can accommodate flexible workspaces. It has been realised that rather than leasing bigger spaces, it is becoming the preference for multi-functional areas, that can be easily changed to accommodate different needs.  ‘Green’ office spaces are also seeing a surge in popularity, with an increasing number of companies looking to secure office space that is environmentally friendly, especially since more companies are adopting, corporate social responsibility ethos and policies, wth plans to be more environmentally sustainable. As such Grade A buildings are becoming a priority, especially for larger companies.  It is for these reasons that whilst demand in some areas are increasing, older, less modern buildings are becoming harder to sell, due to there being a lack of demand from tenants.  This can be seen particularly in some of Dubai’s older communities, such as Deira, Bur Dubai and Garhoud, where average rents have been decreasing year on year by 20-25%, with demand dropping in favour of Dubai’s newer communities. It is these factors that potential buyers and investors need to consider, before deciding to make a purchase. So offices are in high demand, but who is buying?  Probably the most unexpected buyers, are businesses themselves. Whilst it has been relatively uncommon for businesses to buy their own commercial property, with prices at such a low point, and with rents and service charges increasing, they are seeing new opportunities.  These companies are realising that buying offices in this current market will make more financial sense in the long run, as it will allow them to save on annual expenditures, which is expected to only increase in price. Although businesses are increasingly deciding to buy the spaces that they are operating in, they are not the only players within the market, with there being an increasing number of investors and individual business owners/CEO’s who are deciding to enter into the commercial property industry, or more specifically, office spaces.  CEO’s and company owners are choosing to buy offices with the idea to rent them out directly to their company. With prices being low, CEO’s can ensure not only does the company get a good price in terms of rent, but also will allow the individual themselves to have a solid investment for several years to come. What is more, they are purchasing more office space than necessary, so that their current business will expand into. Commercial sales Investors, both within the UAE and outside, are realising that prices are at a low point, with the belief that with the upcoming Expo 2020, prices will be on the rise again. As such, they are wishing to lock in the prices early, before the property market sees a price hike, allowing them to earn good capital when they decide to sell the property through capital gains. What is more, with rents increasing, investors are seeing offices as a good opportunity to secure alternative income streams. We are also seeing that current tenants are trying to secure longer lease terms. Whilst the primary aim for this is to ensure they do not encounter massive rent hikes, it benefits investors in providing longer-term security in terms of guaranteed income.  So, are companies buying offices to avoid future price hikes? Well in short, yes. Companies are now realising that now is the best time to purchase office spaces in order to help reduce costs, due to the expected rise in rent and service fees, over the upcoming months and years. With that being said, the demand for all offices is not the same. The demand, is for high quality, fully fitted, and environmentally sustainable offices, and it is here that we will see prices rise. The unfortunate news is that older offices, especially in the older parts of Dubai, are likely to see continued drops in demand, which will force landlords to drop their prices.  It should also be pointed out, that it is not just businesses who are seeking to take ownership of their offices. Investors are also seeing a massive market potential and understand that this is the time to invest in prime, good quality, and environmentally sustainable office real estate If you or your company are looking to buy office space, contact us today to book a consultation with one of our commercial property consultants.

You might have been looking for a commercial property, and wondered, ‘What does GBA mean in commercial real estate? In the property market, particularly in regards to commercial real estate, there are many different ways of calculating the area of a property or building. As such, it is important to understand the differences between them, so when you look for your next commercial property, you will be able to understand exactly what you are paying for. We have gone through and explained some of the key terms used when calculating the area of a commercial property. What does GBA (Gross Building Area) mean?  GBA, or Gross Building Area, is a unit of measurement unit used in commercial property valuations. This measurement differs from the measurement type of residential real estate, which predominantly uses GLA or Gross Living Area.   GBA includes the total enclosed area of a building and the sum total of all floors. This is determined by the slab area measured to the exterior surface of the exterior walls, excluding elevator shaft openings. What is GLA (Gross Living Area)?  Gross Living Area has been defined by the Dictionary of Real Estate Appraisal, as the “Total area of finished, above-grade residential space; calculated by measuring the outside perimeter of the structure and includes only finished, habitable, above-grade living space. Finished basements and attic areas are not generally included in the gross living area.”, or put simply, the habitable area of the property, including both heated and cooled areas.  GLA will also tend to include common areas and areas that the tenant can use but do not necessarily occupy. This can include areas such as elevator space, common bathrooms, stairwells and other shared spaces. It usually includes certain common areas, elevators, common bathrooms, stairwells, and other portions of the building that the tenants do not occupy, but can use. What is the difference between GBA and GLA? The reason why commercial property uses a different unit of measurement is that areas of the property that are not heated or cooled may still be usable aspects of the property. Therefore GBA takes into account the total or gross building area. A GBA evaluation will generally not include below-ground space as part of their square footage equation but will include the space in their appraisal valuation What is NLA/NRA (Net Leasable Area/Net Rentable Area)? Another term that may be used is NLA/NRA, which stands for Net Leasable Area/Net Rentable Area. This is used to measure the total area of floor space that may be rented out to a tenant. This differs from GBA, as it will generally exclude common areas, such as a shared pantry, or shared washrooms, or reception areas, as well as excluding areas dedicated to the heating and/or cooling of the building, as well as the building’s utility areas.   Tenants and property owners should also be aware of the term BUA or Built-Up Area. This is the sum of all usable areas, circulation areas, service areas, balconies, plus the area of all factored non and semi-enclosed areas.  How to calculate GBA?  GBA is calculated by measuring to the outside finished surface of the permanent outer building walls, without any deductions for features such as stairwells, or walkways, common areas and shared spaces, alongside unusable or non-leasable areas. This type of calculation is generally done for larger commercial spaces with a high number of square footage. So, to answer the question, ‘What does GBA mean in commercial real estate?’, simply put, it is just one of many units of measurement for commercial property.  Navigating the commercial property market can be a complex process, especially when there are so many different terms and industry-specific vocabulary. It is therefore important to work with a trusted real estate professional that specialises in commercial property. A specialised commercial property consultant will be able to talk you through all the terms you need to know and help you through the entire process. 

Download Report : CRC, Betterhomes Group company and Dubai’s largest commercial real estate agency, released the Q3 2021 Dubai Property Market Report, which provides an overview of Dubai’s commercial property market, looking into both sales and leasing. With prices picking up for the first time in several years, the volume and value of sales transactions increased significantly over the last quarter. The long-awaited Expo 2020 officially started on October 1st, further increasing positive business sentiment and opening doors to an increasing number of foreign investments which will create additional demand for commercial property.  Commenting on the report Ben Bargh, Director at CRC, said “As we head into the final quarter of the year, it is safe to say that we are seeing major changes in the commercial real estate market. For the first time in over several years, prices are picking up again, with the market making an almost complete recovery, and returning to pre-pandemic levels.” “Restrictions that were implemented at the same time last year have been heavily lifted, allowing individuals to regain some semblance of normality and have greater trust in the current state of affairs. As such, it is clear that companies are increasingly more optimistic about the state of the market, and therefore resuming normal business activity”, Ben continues. Increasing prices in the market have slightly slowed momentum in Q3 2021, with buyers and tenants shifting to purchase and rent bigger and better commercial properties at fewer numbers. Looking at the previous three quarters, gives us a good indication of the state of the market before the pandemic, during the pandemic, and now, as we are navigating our way out of it. Transacted value for offices has risen above pre-pandemic levels, dramatically increasing from AED 4,956,140,001 to AED 6,535,537,832, whilst the number of units sold has increased from 1399 in Q3 2019, to 1478 in Q3 2020, to 1736 in Q3 2021.  Total transaction value, DLD (AED) Transactions for office spaces are primarily in freehold areas such as Business Bay and JLT, which have remained the most desirable places for companies to conduct their business.  The demand was on the upward trajectory for both sales and leasing when it comes to retail in Q3 2021, with a 47% increase in the number of registered buyers. The number of buyer leads has decreased by 18% for office spaces and increased by 61% for warehouses. The retail industry has grown dramatically, with high numbers of transactions in International City, Business Bay, and JLT. Whilst the overall number of transactions in Arjaan and JVC have been fewer than the top retail communities, it is expected that these communities will see a burst of transactions over the coming months, as it is anticipated that prices will remain low, with a large number of handovers that are expected to happen.  With the economic activities going steadily up, property investors are coming back to the commercial property market, with the number of commercial property investors seeing a year on year increase of 13%. It is expected that more investors will enter the market and continue this upward trend due to the ongoing Expo 2020. In regards to leasing, there has been a significant increase in the average size of property spaces in last quarter’s leasing deals. A large number of clients are businesses that downsized during the pandemic, who have greater confidence in the market and so are now looking to upgrade again.  Leasing transactions at CRC Tenants look for larger spaces that are move-in ready, with high-quality fit-outs. As such Grade A buildings are becoming a priority, especially for larger companies. With a lack of supply when it comes to quality buildings, increasing demand for premium office space, and a rise in the number of international businesses in the market, it is expected that rental prices will continue to rise. For a more detailed insight into the current state of Dubai’s commercial property market, download our report below.  Download Report

When looking for a commercial property, you might come across some terms that might seem unfamiliar. One of these terms is ‘NNN’. NNN stands for Triple Net Lease and is one of the most popular types of leasing agreements, which is generally an alternative to a gross lease.  So what is a Triple Net Lease?  A triple net lease is a type of lease agreement in which the tenant pays all the property expenses. This would include all real estate taxes, building insurance, maintenance, utility bills, as well as the cost of the rent. Due to the fact that the onus is on the tenant to pay for everything, the actual rent for a triple net lease is typically less expensive.  A triple net lease differs from a standard lease in that it is generally the landlords’ responsibility to pay for at least some of these expenses. Aside from triple net leases, there are also double net and single net leases.  In a single net lease, the landlord takes on more responsibility, with the tenant still taking on some of the additional costs. With a single net lease, the tenant will generally be responsible for the property taxes, whilst the landlord will take ownership of any other costs.  Due to the tenant bearing some of the additional costs, the rents will tend to be lower than a gross net lease but slightly more than a triple net lease.  A double net lease will tend to mean the tenant paying for the property taxes and property insurance, with the landlord paying the maintenance costs. Again, these lease types will be lower than the gross net and single net leases. This type of leasing agreement tends to be more popular in larger commercial developments where one landlord will have multiple tenants who may have different square footage. As such, it is easier for the owner to assign taxes and insurances proportional to the amount that is leased. Why choose a triple net lease agreement?  Triple net lease agreements have become increasingly popular with investors who are looking to secure a steady income stream at low risk. By not including the additional fees that are generally part of a start of a standard lease agreement, investors avoid any unexpected or additional costs during the tenancy agreement. The landlord will therefore get a fixed income and will not have to shell out on any expenses due to the liability being on the tenant.  A triple net lease can also have benefits for the tenant. As all the costs associated with leasing the space falls onto the tenant, it means they can have good negotiating power in terms of the base rent. Providing they are willing to take the risk of paying for any future maintenance costs, or any other unexpected expenses, the tenant may end up securing a property at a much more reasonable price. Is the landlord responsible for any costs in a NNN lease?  Whilst the tenant is responsible for most of the costs associated with the property, there are generally a few exceptions. Structural damage, i.e. damage to the roof, or other significant expenditures, are typically covered by the landlord. With that being said, it would be recommended to clarify and discuss with the landlord a price point at which they should pay any costs. So how is NNN cost calculated?  The advertised cost may be advertised as AED 14 per square foot. This is the base rent, but then the landlord will add up all the other associated costs, including the insurance and any other property costs which the tenant will have to pay in addition. It will then be up to the tenant to pay for any additional maintenance costs that would be required throughout the duration of the contract.  How is NNN lease different from a gross lease agreement? Gross lease is the second most popular type of tenancy agreement. The gross lease or full-service lease will tend to include all costs associated with the property, including tax, property fees, insurance, any maintenance fees and in some cases also utility bills. As such, the tenant will only have to pay one upfront price that is typically more expensive than an NNN rent, which the landlord will use to pay the additional costs themselves. One of the key differences between an NNN lease and a gross lease is that the tenant has much higher responsibility for the space that they are using, and have to bear the risk of undertaking any maintenance issues, and the associated expenses that come with it.  As such, gross leases allow tenants to have much greater control over their finances and budgeting, with there being a constant fixed amount that will not change throughout the entire duration of the contract. As one can see, there are different benefits of these different lease types. With that being said, the most important thing a tenant can do is have a thorough discussion with their potential landlord and carefully look at their leasing contract to see what exactly is included in the contract and what each party is expected to pay.  What’s more, tenants should choose an experienced commercial estate agency that will be able to help broker these deals and get the best deal for both sides of the deal. If you are looking to rent a commercial property, book a consultation with one of our many expert commercial property consultants. 

Determining the value of a property is a crucial aspect of the real estate industry. As such, it is vital that the process is put through rigorous regulation, with all valuers in Dubai needing to adhere to a strict set of codes and standards that ensure industry transparency and ensure that all of their work valuers provide is to the highest standards. The local government in the UAE has embedded international standards of best practice in this process by developing and continuously improving what is known as the ‘Emirates Book’. This document mandates the rules and regulations and the correct procedures that all valuers in Dubai must adhere to.  This ‘Emirates Book’ is based upon the International Valuation Standards (IVS). The leader in the industry is The International Valuations Standards Council (IVSC). The international community recognised this council as the global standard setter, responsible for developing guidelines for valuations to ensure quality assurance and to implement a high level of standardisation of valuations across the globe, strengthening the valuation profession.  The ‘Emirates Book’ has three distinct sections1. The general framework of real estate appraisalThis section presents the general bases for valuers who follow this book regarding objectivity, judgement, jurisdiction and acceptable exceptions to the International Valuation Standards. 2. The general standards for Emirates Book valuation standards These look into the standards of real estate appraisal tasks, including valuation contract terms, value determination bases, methods and valuation approaches, and preparing reports.  3. Other standards in the Emirates Book valuation standardsThis part of the book looks at other standards related to real estate, ownership and controlling interests. This section also discusses concepts related to local laws, such as freehold, leasehold, non-freehold and real estate development concepts. In addition, there is the Royal Institute of Chartered Surveyors (RICS) Valuation Global Standards, better known as the ‘Red Book’, which fully incorporates IVS. RICS awards professionals an accreditation to Chartered Surveyors after professional assessments. These chartered surveyors are qualified in their domain.  Through developing the Emirates Book, valuation experts in Dubai can have a clear set of instructions on how to provide the highest quality of valuation services that are in compliance with both local UAE law and the International Valuation Standards as laid out by IVSC. Creating a handbook that all valuers are mandated to follow ensures high accuracy, transparency, efficiency and professionalism, ensuring that all valuation-related services are of the highest quality.  What is more, not only do the individual valuers and surveyors need to be qualified, but the companies they work for also need to be certified by the Real Estate Regulatory Agency (RERA) in Dubai. In order for a company to be accredited, it will need to submit specific documentation and meet the specified criteria.  The individuals performing the valuations will also need to provide an accredited university degree, certificates of experience, among others, to register a valuations company. There will also be a check for any conflict of interest. As per Dubai law, an individual cannot work as a valuer and a broker at the same time, and companies that offer brokerage services cannot provide valuation services except through a separately licensed valuation company with separate staff.  It is very important that when choosing a valuation company, you choose one that is accredited by RERA and the Royal Institute of Chartered Surveyors (RICS). This will ensure that any valuation reports or advice you receive will not only be objective and trustworthy but will also guarantee that you will be able to use the report for cases such as securing a bank mortgage. RERA displays all companies certified to perform valuations on their website, which you can check here, where you will also find CRC listed. Once a company is certified, it would have to register its dedicated valuers with Taqyeem at the Land Department. Taqyeem will ensure that each valuer has the correct professional valuation experience and education. Before being legally allowed to conduct valuation services, all individuals must attend and pass an intensive course that familiarises future valuers in Dubai with the laws and ensures that they are well versed on best practices and regulations, including the standards set out in the Emirates Book.  These stringent measures will help guarantee that all their work will be of the highest quality. The course covers aspects relevant to the local market and international standards. This includes Valuation Standards, Valuers’ responsibilities, conflict of interest avoidance, ethics, reporting, and legal matters. Upon passing the course, the individual will be able to become a certified valuer who can legally conduct valuation services in Dubai.  As you can see, the Dubai government has worked diligently to ensure that all valuation practices within the Emirate are of the highest quality and standards. If you want to find out more information or require valuation services, contact us today to book a consultation with one of our highly qualified and experienced Chartered Surveyors.

Did you know that over one-third of our lives will be spent at work? That is why it is so important to have a space that is productive and we enjoy working in. As a thriving business hub, Dubai is home to some fantastic offices, with stunning views. There is nothing better than looking up from your desk and seeing gorgeous, inspiring views. Here are some of our top picks for offices in Dubai with the best views.  Burj Khalifa, Downtown Dubai  For sale: AED 45,000,000 Situated on a high floor of one of the world’s most iconic buildings, in the heart of downtown Dubai, this office space enjoys 360 degree panoramic views of all of Dubai. Take in the modern skyline of Business Bay, the impressive man-made wonders of The Palm Jumeirah and the World Islands, as well as the rest of the city and beyond.  As a shell and core office, the new owners of this building will be able to style this space any way they wish, creating a unique, bespoke work space just for them.  The area of Downtown Dubai, is a mix of high end commercial and residential spaces, that is in close proximity to several of the city’s key business districts, as well as the world’s largest shopping mall.   Jumeirah Business Centre 4, Jumeirah Lakes Towers For Sale: AED 4,554,500 This modern office space has impressive views that look onto the peaceful greenery and calming lakes of Jumeirah Lakes Towers. The area features luscious parks and running tracks next to the three lakes within the district. From the other side of the building, you can look out onto the modern skyline of Dubai Marina, which offers a bustling social scene.  This contemporary office comes fully fitted and furnished with a modern, high-end aesthetic, with large executive offices and large meeting areas, perfect for setting a good impression for any potential clients that will pay a visit.  JLT is a highly sought after mixed used to community, that is home to both residential and commercial units. The area is a project of Dubai Multi Commodities Center, on eof Dubai’s biggest free-zone areas. What’s more, it is in close proximity to some of the city’s key hot spots, including Dubai Marina and Jebal Ali Free Zone. The fact it is adjacent to Sheikh Zayed Road means that it has easy access to the rest of the city.  Jumierah Bay X3, Jumeirah Lakes Towers For Sale: AED 4,175,650 This beautiful office in JLT, faces the iconic marina skyline, with Jumeirah Bay X3 being specifically designed from the ground to maximize the panoramic view of its stunning surroundings, delivering on both and delivers both luxury and convenience. As a full floor unit, occupants can enjoy full 360 panoramic views of the city.  It is not hard to picture yourself in this one of a kind meeting room, expanding your business horizons.  The floor comes fully fitted and furnished to a high spec, as well as being conveniently located close to many of the amenities the area has to offer, including restaurants, retail areas, as well as being close to several of Dubai’s key transport links, including the metro and Sheikh Zayed Road. The unit also makes an excellent investment opportunity, as owners can expect to see a return on investment of around 8%. Silver Tower, Business Bay For Sale: AED 2,136,300   This prime office space in the centre of Business Bay, features unparalleled views of Downtown Dubai and the peaceful waters of Dubai Creek.  This is a smaller office than some of the others on the list and is shell and core. With that being said, the unit comes at a good price and allows future owners the flexibility and freedom to optimise and fit the office for their specific needs and requirements.  For those wishing to blow of some steam from a long workday, the building even features a mini-golf course inside, as well as a swimming pool and large gym. This unit provides a unique opportunity for start-ups and smaller companies looking to get a stunning office at an affordable price.  Business Bay, as its name might suggest, is one of the cities biggest business hubs.and is the next community along from Downtown Dubai. The area has excellent transport links, including a metro station, several bus stops, and has direct access to Sheikh Zayed Road.  Iris Bay, Business Bay  For Sale: AED 1,490,260 Iris Bay is a unique state of the art office building of an intriguing design from WS Atkins & Partners,  who developed it as a oval, crescent moon shape.What’s more, the building was constructed to be environmentally friendly incorporating both passive and active environmental features, The building is centrally located in the heart of Business Bay, directly adjacent to the Dubai Creek. One side features views of the waterway, whilst the other looks out onto Sheikh Zayed Road. Whilst this particular unit encompasses a relatively modest square footage, it is perfect for smaller companies or start-ups, looking for a unique office space that is still high-end with incredible views.  One Tower, Barsha Heights For Sale: AED 2,148,900 What really makes this office stand out is its beautiful views that stretch from the Burj al Arab, all the way to the iconic Dubai Marina.  The One Tower is located in the heart of TECOM, a key business hub with direct access to Dubai Internet City and its metro station.   This unit offers a different office experience with a variety of office modules designed to suit a range of business requirements. One Tower is positioned strategically at the most lucrative spot for business in Dubai., with it being within reach of major business sectors like Jebel Ali Free Zone, Dubai International Financial Centre Dubai Media City, Dubai World Trade Centre and Business Bay. U-Bora Tower, Business Bay For rent: AED 2,312,280/ year U-bora Tower plays a starring role in a city full of architectural marvels, occupings an idyllic, prestigious and prominent corner setting on the main axis of Business Bay. A-Grade commercial office space. U-Bora provides a vibrant sense of community and a superb, inclusive environment for living, working, and socializing. The office is  fitted to a high standard with panoramic windows looking out onto the instantly recognisable Downtown district and the Burj Khalifa.  In terms of access to the building,  RTA bus route shuttles from the Business Bay metro to the Ubora Tower frequently linking the Tenants to the Metro, as well as having easy access to Sheikh Zayed Road. Wherever it is you work, it is so important to enjoy and love the space. If you are looking for an office with a wow factor, then contact us today to schedule a consultation to help you find you a dream office.

A valuation is generally a relatively quick process and takes very little preparation on the homeowners part. With that being said, there are a few things that you should be doing prior to the valuers’ arrival. It’s important to remember this in order to properly prepare your home and to ensure the entire valuation is conducted smoothly, in a timely and efficient manner. Here, we have listed a few things that homeowners can do to ensure this is possible.  Ensure full access  In order to complete a full valuation, the valuer will need to have access to every room in the house. As such, it is the home-owners responsibility to ensure that each room is unlocked and the valuer can view every part of the house. This includes anything and everything that is a part of the property, such as outdoor areas, basements and/or any balconies the home has.If your property is being rented out, the tenants should be given prior notice and informed of the exact time and date the valuation will be taking place.  The tenant should also be briefed so that they can ensure the entire property is available for the valuer to view. You should also ensure that the valuer has access to any communal facilities or any shared spaces that comes with the property, including pool areas, gyms, parks, etc. Having this done in advance will speed up the process by ensuring access is possible as and when the valuer needs it. Provide necessary documentation Before your valuer comes to your home, you should have all the necessary documents prepared in advance. This includes any building plans, rates notices and any other documents relating to your property. You should also provide any ‘No Objection Certificates’ and/or any planning permissions that your property has for any future work that can be done on the property. The more paperwork you can provide, the more accurate the valuation can be.  This can help make the space seem more spacious and better present all the available space you have.  Ensure the property is tidy First impressions count. Whilst a good valuer will be able to look past a bit of clutter, however a thorough cleaning and tidy up will help show your property in the best possible light and will be easier to assess. Some key areas to keep in mind would be the bathrooms and kitchen area as these can add great value to your property. It would also be advised to do a full vacuum and sweep as well as taking out any rubbish you have. As a homeowner, you should never neglect your garden or other outdoor areas when it comes to valuations. This means you should mow your lawn and trim any overgrown weeds and shrubbery.  Lighting is also a key factor, as it can make a space feel a lot roomier. If you are not currently living on the property, try and ensure that electricity is connected. Otherwise, try to organise the valuation to be conducted during the day so there is plenty of natural light illuminating your home. This is especially important considering the valuer will need to take many photos of the property.  Highlight key features of the home It is important to highlight any changes or renovations that have been conducted on the property. The homeowner will be in charge to provide documentation to prove what and when these changes were made. This is even more important for changes that have been made that the valuer may not immediately notice or are not visually obvious. Some examples would be new air conditioning units, irrigation systems, or any structural changes/improvements that have been done. What’s more, the valuer should be informed of any other spaces that the property can use that are outside of the physical unit space. This will include any car parking spaces, as well as any communal amenities that property owners can use. This could include communal parks/green spaces, gyms, swimming pools, tennis courts or any other facilities.  Keep it COVID-19 friendly  Now more than ever, it is important to ensure proper hygiene protocols are put in place, with the homeowner preparing for the visit. Whilst the valuer themselves will take necessary precautions, such as wearing a mask and using hand sanitiser, it is the homeowners’ responsibility to ensure the safety of themselves and the valuer. The property should be sanitised with anti-bacterial spray. You should also keep all doors open, providing a clear pathway for the valuer, with them not needing to touch any doors or door knobs unnecessarily. Further to this, if the property has multiple occupants, they should either be advised to vacate the house whilst the valuer conducts the work, or they should remain in one room, minimising any potential contact the valuer will have with other people.  Set an allocated time-frame The homeowner should set aside an allocated time for the valuer to have complete uninterrupted access to the property. An apartment valuation will typically take 5 to 15 minutes, whilst a villa valuation will generally take anything from 10 to 30 minutes. Ideally, the home should either be empty or otherwise, all occupants should remain in one room, as well as be advised not to interrupt the valuer whilst they are conducting their work. This will make the process a lot more efficient and will allow the full valuation to be completed smoothly in a timely manner. For the inspection of any communal areas, management and/or the necessary individuals should be notified in advance so that the valuer is expected and allowed to conduct their work thoroughly.  At CRC, we have a team of highly experienced, RICS certified valuers, who are held to the highest professional standards. We will be able to give you a full brief on everything that is required in order for you to get the best service possible. Regardless of your home or property type, we will be able to conduct a full and thorough valuation and produce a comprehensive report in an efficient and timely manner. If you require valuation services, book a consultation with us today. 

Whether you want to invest in commercial office space, retail, warehouse, or another type of commercial property, the first step is to understand factors affecting commercial property value. All investors want to know is how to get better returns for their money and the factors that will affect the value of their investment going forward. There are many factors that come into play, ranging from location to transport links, local amenities, and property characteristics. We have broken down some of the crucial elements that can impact the commercial property value.Location One of the critical factors affecting commercial property value is the location, including the transport links in the surrounding area. Infrastructural development within the surrounding area is one of the most important factors which influence real estate valuation. The average price per square foot in Business Bay is AED 589, which is higher than the average price per square foot in Barsha Heights, which is AED 579. The presence of transport links and other facilities in the vicinity of the property helps increase the property value, and as such the valuation of properties with better infrastructure capabilities and modern amenities are generally higher than those which fail to provide it. Access to transport is another crucial aspect that can affect the value of your property considerably. The more modes of transportation that your unit is connected to, the higher the value will be. The more popular and accessible your property is, the more valuable it will be. Take, for example, an office space in a key business location such as Business Bay. The area is well connected to Dubai’s key arterial roads, has access to the Dubai Metro, and has many bus stops within the district. This will have a higher value than an office in a remote area with very few amenities. Depending on the preferences of your employees, some amenities will more important than others. Supermarkets, restaurants, cafes, and other retail establishments in close proximity to your unit will help increase its value. Other facilities such as clinics or hospitals can also affect the value of the property. Further to this, the plot type that the unit is built on will also affect the property value. Buildings that are constructed on freehold land tend to command a higher valuation than those on leasehold plots.Property characteristics Generally speaking, the larger the property the more valuable it will be, with larger spaces commanding higher prices. With that being said, whilst your unit may cover a large amount of square footage, this is only useful if the space is actually usable. A good way to optimise your property’s value is to ensure that all available space is utilised. This might mean changing the configuration of your unit and opening up areas so there is more room and space for the end-user to conduct business. The type of buyer for your property can help determine the value of your property. You should consider who your property will be best suited for and if there is a high demand from these users. As such, where possible, you should optimise your unit so it is best suited for the type of end-user you are trying to attract. Commercial property that doesn’t have the functionality to meet current market demand, will have the potential to be unable to satisfy potential end users and therefore be less valuable. If your unit is designed to be used as an office, then as the owner, you should ensure that the space can function as an office space. Property condition The quality of the building also plays an important part. A brand new, modern building, will generally be valued higher than a run down unit that has not been kept up well. Pay attention to building ratings, and how your asset compares to other similar properties in the area. This follows on to make sure that your property is well maintained. The asset should not just be visually appealing but should have a well-maintained interior and exterior. Those first impressions can be critical even when it comes to securing a viewing. Minor improvements such as painting and deep cleaning can be very effective with small capital expenditures.Any upgrades to your unit would be welcomed by potential buyers, especially if they improve the property’s potential to make a higher profit. What’s more, there is an increasing number of companies that are making it a goal to be more environmentally sustainable. As such, making environmentally concise improvements can increase the value of the property by reducing operational costs. This could be as simple as insulating the property and switching to efficient light bulbs. If you are looking to attract large companies, more of them will have corporate social responsibilities and will only occupy energy approved assets. With that being said, whilst making improvements can make your property more attractive and drive the price up, cost does not necessarily equal value, so plan carefully what and how much you spend on improving the unit. Smaller improvements such as a fresh lick of paint, fixing any minor repairs, doing a professional clean, including carpets, will all make your property more attractive to potential buyers and do not cost a lot of money. However, first impressions do count, so both the interior and exterior of your property should be well maintained.Paperwork and approvalsAnother major factor that can affect the value of a property, is whether you have all the necessary paperwork. Do you have your licenses in place? Have you got all your approvals? What’s more, a property that has planning permission to extend or make any significant changes will also improve the value as it will enable greater opportunities for the unit. Whilst these are all factors that can affect the value of your property, it is worth noting aspects of your unit that will not be included in a valuation. Generally speaking, a valuation will include all non-moveable assets within the property, such as the size, layout, specification, condition, and views. A valuation will therefore exclude furniture, plants, machinery and any equipment within the unit. As you can see, there are many factors that come into play when determining the value of a commercial property. If you require a thorough and comprehensive valuation report, contact us today to book a consultation with one of our valuation experts. 

A property valuation can be needed for a variety of reasons by different people and can play an important role in getting loan security, financial reporting, or internal use. The importance of these valuations makes it no surprise that individuals and companies alike would want to know how much it will cost before proceeding with a particular company. With that being said, that no valuation is the same, with many variables involved in the process. As such, it is rare for a valuer to have a set or standard price for a property valuation. So whilst answering the question ‘How much does it cost for a property valuation in Dubai?’, it would be much more efficient to understand the different factors that affect the price. We have broken down some of the key factors that impact the cost of a valuation, and what can make it more or less expensive.  Purpose of the valuation  There are many different reasons why a person may need a valuation and as such the prices for valuation. One common reason is for loan security. Lenders or banks will often necessitate an independent valuation to take place so they can determine how much they are willing to lend. Companies or individuals may need independent advice to determine the value of the assets they hold. Otherwise, corporations and businesses will need to conduct quarterly or annual valuations for financial reporting and accounting. Whilst these are all valuations, their purposes differ, and as such, so does the liability, therefore the prices of the valuation will most likely vary.  Time and Effort Some valuations take more time than others, depending on the complexity and the scale of the project. Take for example a drive by inspection for a single office, which will be priced differently from a total inspection of a full tower or commercial complex. The more effort, and the more complex the valuation, the more time it will take, and subsequently, the more expensive the valuation will be. As a general rule, smaller residential properties will be considerably less expensive than larger commercial properties.  Inspection Types There are several different inspection types that can be performed, depending on the needs and requirements of the client, as well as the specifications of the property in question.  One inspection type is a desktop investigation, this involves an investigation into the property and its surroundings which are all done from the valuer’s computer at their office. All of the relevant documents should be provided to complete the valuation accurately. A client may opt for this if the client has had a full valuation report completed previously, and all that is needed is a re-evaluation of the property.  Next, there is a drive-by inspection. If access into the property is not permitted a client may opt for this type of inspection. This involves a full external inspection, wherein only the outside of the property is looked at. Following this, a partial inspection may be completed. This type of inspection would arise if the valuer has restricted access to the property and they are only allowed to access certain parts of the unit. Finally comes a full visual inspection, which will involve an internal, external visual inspection. This is the most comprehensive inspection type that will give the most detailed property valuation report. Depending on the type of inspection, the price may vary, with full property inspections tending to be more expensive than drive-by or desktop valuations. With that being said, a full inspection would tend to be the best type to do whenever possible. Valuation methodology  There are various methods that are employed when doing a property valuation, and deciding which are used is generally dependent on asset type.  The most commonly used methods are comparable, investment, and the profit method. The investment method is typically used for more complex investment type properties, whereas the comparable method is the most commonly used when there is a good availability of transactional evidence. As one can see, there are a lot of different factors to take into account when factoring in the price of a property valuation, with the purpose, amount of time, the inspection type, and the methodology all playing a part in the final cost. To get an accurate quotation of how much a valuation of your property will cost, the best course of action would be to book a meeting with a chartered surveyor and/or a qualified valuation expert. They would be able to sit down with you and discuss your special requirements, as well as find out more information about the type of property that needs to be valued. After a thorough preliminary analysis has taken place, the valuer will be able to give you a quote.  If you require a valuation for your property, our valuation team is fully qualified and RICS certified, so will be able to deliver a high quality and comprehensive report that is designed with your specific needs and requirements in mind. For more information, book a consultation with one of our team. 

Located between Sheikh Zayed Road and Al Khail Road, Al Quoz is a mixed use district that houses residential and commercial sub-communities. The commercial sector of Al Quoz is known as Al Quoz Industrial Area, and consists of four different zones, namely Al Quoz Industrial Area 1, 2, 3 and 4.  Known primarily for its explosive industrial development, Al Quoz Industrial Area is a well-rounded and ideal place to rent a warehouse or an industrial building. The Dubai Municipality continues to work on and develop the sub-areas within the commercial district as mass accommodation to create safe environments for labour camps. The goal is to make Al Quoz Industrial Area an industrial hub that facilitates the operations of development projects like Jebel Ali, Dubai Marina as well as a number of hotels. The area is located close to other areas like Al Barsha and Umm Al Sheif, which are residential neighbourhoods, and commercial and financial hubs like Business Bay, Downtown Dubai and World Trade Centre. Being in close proximity to the centres of economic activity is a guaranteed benefit for any business and will make business exchange and interaction with other companies much easier. Al Quoz Industrial Area for your factory and warehousing needs Al Quoz Industrial Area is one of the oldest centres of manufacturing in Dubai and is home to many companies and their factories. It is one of the most sought after areas for warehousing.  An area dedicated to factory set-up and labour housing, it has the most conducive environment for production activities and housing for workers, as well as storage space. The infrastructure designed for these services is most suitable for manufacturing and storage in line with company standards and parameters.  Ideally, a company looking to set up a manufacturing process will find properties for rent to establish a factory, store any products that need to be stored and place their staff in comfortable living conditions. This creates utmost convenience for the workers as they will be able to live and work in the same vicinity. Saving time and money on long hours of commuting from an industrial area to a residential area and back, this will benefit both the company and the workers. The warehouses in Al Quoz Industrial Area are of different types and facilities. Companies can choose a warehouse depending on their size and facility requirements. Al Quoz is most popular with companies that are involved in construction and manufacturing of steel, aluminium and other building materials, for obvious reasons. The availability of warehouses makes it easy for these companies to set up factories. Many companies dealing in contracting, vehicle repair, furniture manufacturing and foodstuff distribution are also present in this area. Licensing Companies that set up factories and warehouses in Al Quoz Industrial Area require mainland licensing. Companies that obtain a commercial and industrial license for their business activities have to ensure that one UAE national holds at least 51% of the total equity of the company.  Prices Rents for office spaces in Al Quoz Industrial Area generally range from AED 75,000 to AED 750,000 per year, depending on the size and type of building. Warehouses for rent can range anywhere from AED 80,000 to AED 2,000,000 per year, depending on the size and facilities of the warehouse.   Warehouses for sale fall in the range of AED 7,000,000 to AED 25,000,000. Amenities The area is serviced by several supermarkets and groceries including West Zone, a trusted chain of supermarkets with branches all over the city. The market stocks high quality foodstuff, fresh fruits and vegetables as well as household and personal use items.  Dulsco Medical Clinic and iCare Blue Clinic are two healthcare facilities situated within the area. These clinics provide state-of-the-art medical services. The close proximity of these clinics to the industrial units ensures that in the case of an accident or injury at work, staff are able to receive immediate care. The working residents of the area also visit the clinics for minor issues. For more advanced, multi-specialty care, Burjeel Hospital for advanced surgery is a few minutes away by car.  The area also has dedicated fitness clubs and gyms for those who wish to maintain an active lifestyle. The nearby Al Quoz Pond Park has many jogging and walking trails as well. The presence of all these essential facilities makes Al Quoz Industrial Area a balanced place where the resident staff can live and work comfortably.  Connectivity  Al Quoz Industrial Area is a very well connected area, already sitting between Sheikh Zayed Road and Al Khail Road. The E11 and E44 highways enable those with cars to get to all parts of the city easily and make it especially convenient to reach other commercial districts like Business Bay and Downtown Dubai.  Most commercial buildings have dedicated parking spaces for their employees so finding a parking space is not an issue. For those who use public transportation, the system is elaborate and also well connected. Noor Bank metro station and Umm Al Sheif metro station on the Red Line are the closest stations to the area. A metro link bus runs from the area to the stations and several RTA buses have routes within the area as well to keep the zones connected. Air conditioned bus stations are located at short intervals throughout the area.  Leisure There are numerous avenues for leisure activities in Al Quoz. The nearest mall, Al Quoz Mall, is located in Al Quoz Industrial Area 3, and has a few electronic stores, a cinema, a hypermarket and a range of restaurants. Other malls like Oasis Centre, Al Khail Mall and Mall of the Emirates are also situated nearby and have an even more varied offering of retail and dining options.  A public beach in Umm Suqeim and Kite Beach are a short drive away. These beaches are lined with coffee shops, eateries and courts for sports.  Al Quoz Pond Park is another place where people can enjoy the outdoors and some fresh air. It is a large, green and open space suitable for picnics and gatherings.  Companies that set up labour camps or offices in Al Quoz Industrial Area will be able to provide their employees and workers with several opportunities to kick back and relax, which is essential for the overall health and well being of any person. Those staying or working in the area will be able to take a quick break at any of these spots and rejuvenate themselves. Ensuring good mental and physical health for employees will boost productivity for companies. Creative Free Zone For companies and organisations that deal in the arts, Al Quoz Industrial Area is the best place to set up headquarters. The area has been made into a creative free zone, an initiative taken up by the Government of Dubai to encourage and promote artists, authors and innovators. In a bid to unlock the economic potential of these creative activities, the free zone has been designed to provide numerous services and opportunities to those engaging in creative industries. The aim is to create an atmosphere that fosters creativity and reap the benefits of the economic growth caused by the establishment of a creative industry.   Organisations like art galleries, studios and collectives of different kinds can find the best spaces to rent or buy and take full advantage of the benefits of the creative free zone. The location of the free zone and it’s close proximity to Dubai’s tourist hub will help attract more visitors to these creative businesses, giving them more exposure, opportunities and a wider outreach.  Warehouses and large, open storage units are ideal for setting up galleries and studios, and can even be opened to the public for viewing. Currently, the trend of renovating a warehouse and making it a commercial spot for visitors is very popular and is part of a new, more eclectic style of displaying art.   Alserkal Avenue is an important arts district in the Al Quoz area. What started out as a small block of art galleries housed in warehouses has transformed into an impressive artistic hub. The avenue hosts many creative and cultural events like Art Dubai and Art Nights. The galleries in Alserkal Avenue sport all kinds of art, from local to European and American works, as well as contemporary and modern art. Besides the galleries and creative enclaves, the compound also has a number of eclectic retail outlets and chic cafes that complement the artistically charged atmosphere.  With so many options and amenities, companies can find different properties for different needs, whether it is setting up a manufacturing unit, finding storage space or hosting comfortable and safe living spaces for workers and employees. This will enable simplification in operations and increased productivity.  The creative free zone provides a wide range of services and benefits to those setting up creative and artistic businesses in the area. Perks like tax and duty exemptions will help upcoming artists to boost their businesses. Renting a commercial property in Al Quoz Industrial Area is the best option for those trying to establish their creative businesses.  Al Quoz Industrial area is one of the best places in the city to rent a warehouse or industrial building. The fast paced and industrial nature of the environment is ideal for commercial renting and buying. Having a warehouse in the centre of busy commercial activity will only benefit the company. The ongoing development of the area as a commercial and creative district will only make it an even better, even more ideal place to set up a business, from start to finish. 

Download Report Following a strong  Q4 2020, optimism started increasing in the market, with signs of recovery visible in the economy in general, but in the real estate market as well. The pandemic forced businesses to question how they work, where they do business, and whether to adopt a work from home or office model or a hybrid.  Although employers offer more flexibility, it is clear that many businesses have and will continue working from the office. In addition, increasing number of new businesses registered in Dubai has helped increase the demand for commercial space. The number of transactions in commercial space has more than tripled in Q2 2021 compared to Q2 2020 and the total transferred sales price of ready units by over AED 2 billion in H1 2021, compared to H1 2020.  We are also seeing that buyers are gaining confidence in the market and looking to start investing again. As such, we saw a 13% increase in the number of investors, which is expected to rise as the market resumes normal activity. In regards to location, we have seen an overwhelming increase in both Business Bay and JLT. It has been interesting to see that JLT has outpaced Business Bay, making it the most popular area for office sales this year. What’s more, average sales prices increased by 9% with average office sizes also increasing by 19%, showing that companies are becoming more willing to spend more on nicer, bigger office spaces for their business.  In terms of retail, the highest number of transactions was seen in International City, with a year on year, the area that saw the most growth was Mohammed Bin Rashid City. With that being said, units in MBR have primarily been off-plan sales that are due for completion within the next few years. When looking at the leasing sector, we saw an 82% increase in tenant leads, showing there is growing interest within the market. This was especially the case for retail which saw a very significant increase of 186%. Whilst there was a lot of uncertainty surrounding retail units last year due to the heavy restrictions and curfews imposed on the population, as these are being lifted, there is increasing demand for retail and subsequently growing confidence in the market.  The well anticipated Dubai Expo 2020 is likely to keep the media eye focused on Dubai and it is likely that the confidence in the market will remain.  For more market insights into Dubai’s commercial real estate market, take a look at our latest report, which gives a detailed and in depth look at the state of the industry throughout H1 2021. Download Report

A very prosperous city, Abu Dhabi has gained a reputation for being an attractive location for investors and business owners due to the many schemes the government has implemented in order to ensure a thriving business environment. Whilst it is known that the city is a good place to conduct business, company owners should know where are the best places to set up and operate from. As such, we have compiled a list of the top 5 areas in Abu Dhabi to rent an office.  Abu Dhabi Corniche  A popular place to live and work, Abu Dhabi Corniche is one of the busiest commercial areas in Abu Dhabi, being a key business and cultural hub of the city. Primarily centered around the 8km Corniche Road, means that there are many lovely restaurants and cafes as well as a wide range of amenities, including gyms, malls, supermarkets. Its strategic location in the centre of the city, means offices in this area have easy access and are in close proximity to other key business areas throughout the city, including Al Markaziyah West, one of the busiest commercial streets of Abu Dhabi and Al Khalidiyah, the cultural hub of the city. Many  of the offices within this area feature beautiful sea views, or overlook luscious green parks making them very pleasant and desirable places to work. The fact that there are many office buildings in the area, make the prices highly competitive allowing companies to get more value for money for their business space.  Al Muroor  Whilst a bit further away from the main hub of Abu Dhabi City, Al muroor contains a wide mix of both commercial and residential properties, including an extensive portfolio of office spaces. Centered around the key street , which is lined with a wide range of amenities, including restaurants, shops, and other retail units.   It is ideally located between Downtown Abu Dhabi, and the Embassies District, and close to the popular areas of Al Nahyan, Al Etihad, and Al Bateen. One side of Al Muroor consists of many large high rise towers, whilst the other end features several communities of spacious villas which are popular with families.   Al Reem Island  Due to the high demand for commercial property in the area, office prices are somewhat higher than other areas in Abu Dhabi. With that being said, this freehold area is becoming an increasingly sought after destination for business, due to it being one of the fastest developing neighbourhoods in Abu Dhabi, as well as its popularity as a residential area. The area is likely to only gain in popularity, due to a number of new developments and upcoming projects.  Although located on its own island, the area is easily accessible by car, with it being connected to Abu Dhabi’s main highway, meaning it is a convenient area to commute to.   Elektra street  Electra Street is known as an area of the city that never sleeps. Whilst one of the oldest places in Abu Dhabi, it has made a name for itself for being home to a large and thriving electronics market. It sits at the heart of the city with great accessibility to exceptional facilities., including shops, supermarkets and plenty of other amenities that your business and employees will appreciate.  Hamdan Street  Hamdan Street is one of the busiest commercial areas of Abu Dhabi, strategically located in the centre of Abu Dhabi, it is one of the oldest and most established areas of the city.  Known for its retail hubs and commercial buildings, Hamdan Street has proven to be popular for business owners to base their companies.  Running parallel to the Corniche, it is close to many of Abu Dhabi’s residential areas, as well as Marina Mall, World Trade Centre Mall, Qasr al-Hosn, the key retail, business, and cultural hubs of the city.  If you are looking to rent out an office in Abu Dhabi, contact us today to arrange a free consultation, where we will discuss your company’s needs, and find the best space and location for you to lease.