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Spotlight Dubai Property H1 2015

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Spotlight Dubai Property H1 2015 Core Research Dubai Property An International Associate of Savills Spotlight Dubai Property H1 2015 core-me.com Spotlight | Dubai Property Here or There DMCC FREE ZONE AT JUMEIRAH LAKES TOWERS IS ONE OF DUBAI’S MOST VIBRANT PLACES TO WORK AND LIVE he DMCC Free Zone at late 2003 and early 2004, with sale AED 50,000 and AED 80,000 in 2009, Jumeirah Lakes Towers has prices starting at AED 400 per sq. ft. with 2011 rents remaining in more or emerged in the last few According to data from Reidin.com, less the same range. years as an all-inclusive prices peaked in 2008, ranging community with approximately between AED 1,300 per sq. ft. to AED According to data from Reidin.com, T 12,000 residential units, 1.1 1,600 per sq. ft., depending on the sale prices have seen growth in the last million sq. m of office GLA, four hotels building and its status of construction. three years rising by 17% in 2012, 24% and 400 retail outlets. It covers an area Prices did fall to below AED 700 per sq. ft. in 2013 and 18% in 2014. Sought-after of 1.5 million sq. m. and includes 66 during the recession years, stabilizing in towers such as Al Seef, Indigo and Al completed towers, three lakes, a 2011 at rates marginally above the Waleed Paradise have occupancy rates 55,000 sq. m. community park, numerous 2009 prices. of around 95% with Lake Terrace, nurseries and two metro stations. Green Lakes, Goldcrest and Armada Rents for one bedroom units ranged demanding the highest sale prices. Projects within JLT were launched in between AED 90,000 and AED 130,000 in 2008, dropping to between In the case of offices, Almas is the most Image > JLT, Dubai, UAE 16 H1 2015 expensive at prices exceeding AED GRAPH 13 3,000 per sq. ft. and rents ranging JLT Residential Rents Compared to Other Residential Locations between AED 160 and AED 250 per sq. Dubai Marina Palm Jumeirah Greens JLT Business Bay ft. per annum. Reef, Gold, Silver, and 140 Platinum rents are on the higher side with rents ranging between AED 140 and AED 160 per sq. ft. 120 Factors such as easy access to 100 highways, efficient floor layouts, water connections within offices, concrete 80 parking spaces, choice of cafes and other facilities are key to the higher occupancy and rental rates. As such, 60 based on data from Reidin.com we Residential rents are lower compared observed that towers such as Mazaya AED per Sq Ft per Annum 40 to the Greens, Palm Jumeirah and (AA, BB1, BB2), Dome, HDS Business Dubai Marina, whilst being on par Tower and JBC 1 and 4 have high 20 with rents in Business Bay vacancy rates. With high vacancy rates, terms are becoming increasingly flexible 0 but inspite of this, occupancies remain low. Core consultants have reported that in order to boost occupancy rates, H1 2009 H2 2009 H1 2010 H2 2010 H1 2011 H2 2011 H1 2012 H2 2012 H1 2013 H2 2013 H1 2014 H2 2014 landlords in these towers are starting to GRAPH 14 offer better terms to tenants such as Number of Companies vs Office Rents (2008 to H1 2015) longer rent free periods and 4 to 6 Companies Office Rents (AED/sq.ft/Annum) cheque payments. 12000 450 Our consultants have also observed The number of companies registered 400 in the freezone has also risen from about that in the case of the prime towers, 10000 1,400 in 2008 to more than 10,400 in with office rents on the rise, tenants are 350 choosing to stay where they are while early 2015 – an annualized growth rate of 37%, which is reportedly the fastest landlords prefer to find new tenants. A 8000 300 number of tenants are also looking to among any freezone in Dubai. purchase their units in order to make 250 mortgage payments instead of rents. 6000 200 Companies According to our consultants, the Office Rents freezone attracts a large number of 4000 150 100 2000 BENEFITS 50 0 0 Advantages of a DMCC License 2008 2009 2010 2011 2012 2013 2014 H12015 GRAPH 15 Range of businesses permitted is much Number of People vs Residential Sale Prices (2010 to H1 2015) wider than other freezones such as DIC or People Residential Sale Prices (AED/sq.ft.) DIFC 90000 1600 80000 The number of people living and working in JLT Location is on Sheikh Zayed Road, with 1400 has been rising steadily from 2,000 in 2008 to access to Mohammed Bin Zayed Road 85,000 in early 2015 – an annualized growth rate 70000 of 82% over 6 years. 1200 Freehold office space is available at low 60000 rates compared to DIC and DIFC 1000 Accessible to Abu Dhabi, Dubai airports 50000 800 People 40000 Mixed use with residential, retail, hospitality and industrial 600 30000 Residential Sale Prices Traffic flows smoothly, two metro stations 400 20000 Immigration, DHA are located within the 10000 200 development 0 0 DMCC organizes events, clubs, training and 2008 2009 2010 2011 2012 2013 2014 H12015 workshops Source: Core Research, Reidin.com, number of companies and people data is from DMCC Note: Office rents do not include service charges core-me.com 17 Spotlight | Dubai Properties small startup companies, who prefer fully fitted spaces just over 500 sq. ft. which is the minimum required to get a DMCC license. Fitted spaces command an extra AED 20 to AED 30 per sq. ft. Demand for larger spaces comes from companies that are expanding, such as those in the construction, technology and pharma industries. One of the reasons why JLT is commanding interest is that DMCC, the master developer as well as Concordia, the facilities management company, are hugely committed to making JLT a great place to live and work now and in the future. In 2012, DMCC converted Lake C into a 55,000 sq. m. park to cater to the demand for more green space. The park includes playgrounds, theatre areas, exercise zones, a Kobe Bryant basketball court, and picnic areas. F&B options are also expected to open in GRAPH 16 the park. JLT Office Rents Compared to Other Office Locations A pedestrian bridge was opened last TECOM-C JLT Business Bay SZR DIC year to connect the north and south 700 side and a new pedestrian walkway has recently been completed between 600 Mazaya Tower and Almas Tower. Various other crossings are planned throughout the community. 500 In the case of offices, JLT rents are comparable with TECOM and Business Bay. Concordia has invested in an energy 400 Vacancy rates are 17% in Tecom, 53% in efficient system in Gold, Silver and Business Bay and 30% in JLT. Almas Tower which has resulted in 300 significant cost savings. They have also bought outdoor cinema equipment AED per Sq Ft per Annum 200 which was being used every fortnight in the JLT Park before the summer started. Art has also been promoted through 100 the sponsoring of the painting of a wall in the V Cluster. There are plans to 0 bring more art to JLT, with details expected to be released later in 2015. H1 2008 H2 2008 H1 2009 H2 2009 H1 2010 H2 2010 H1 2011 H2 2011 H1 2012 H2 2012 H1 2013 H2 2013 H1 2014 H2 2014 H1 2015 In addition, an Events Manager has Source: Core Research, Reidin.com been appointed to organize community events such as flea markets, food festivals and film festivals. The aim is to breathe life into the community and create a place to work, live and play. Many of Core’s consultants have reported that parking remains a concern within JLT. DMCC has engaged a parking consultant to look at all issues and opportunities related to parking in the DMCC Free Zone and the results are expected to be positive. With a number of residential and office towers under construction, the Leed Gold Standard One JLT is close to completion and the world’s tallest commercial tower, Burj 2020, is in planning stages. These developments are likely to lead to an increase in the popularity of JLT, a location that Core, UAE associate of Savills, will continue to be heavily involved with. 18 Global Presence OVER 600 OFFICES AND ASSOCIATES WORLDWIDE UK & Europe Ireland 48 Asia 95 35 India America 6 68 Middle East & Africa 271 Australia 12 Please contact us for further information Core Research Executive Team Safeena Rangooni David Godchaux Edward Macura David Abood Associate Director - Research CEO Managing Director - Residential Managing Director - Commercial +971 (0) 4 423 9933 +971 (0) 4 388 3339 +971 (0) 4 388 3339 +971 (0) 4 388 3339 [email protected] [email protected] [email protected] [email protected] Joel McQueen Jim Drysdale Maher Mallah Director - DMCC Ofce Director - Investment Sales Director - Property Management +971 (0) 4 423 9933 +971 (0) 4 388 3339 +971 (0) 4 423 9933 [email protected] [email protected] [email protected] Core - UAE Associate of Savills As one of the largest UAE property services rms, Core, UAE associate of Savills, combines expert local market insight with the international strength provided by 600 ofces globally. Core’s multi-lingual advisers share an entrepreneurial spirit with a commitment to cultivating long-term, collaborative client relationships. Our local roots, commitment, and attention to detail are backed by the global standards of Savills’ 150 year old brand, giving our clients direct access to 27,000 experienced practitioners, with a deep understanding of specialist real estate services in over 60 countries.
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