The Commercial Real Estate market in GCC has been experiencing significant growth and development in recent years. Customer preferences in the GCC region have been shifting towards more modern and technologically advanced commercial spaces. Businesses are increasingly looking for office spaces that offer state-of-the-art facilities and amenities, such as smart technology integration, flexible workspaces, and sustainable design features. This trend is driven by the growing importance of technology and sustainability in the business world, as well as the desire to attract and retain top talent. Trends in the market show a strong demand for commercial real estate in key cities across the GCC region. Dubai, for example, has seen a surge in demand for office spaces due to its status as a global business hub and its strategic location between Europe, Asia, and Africa. The city's favorable business environment, tax incentives, and world-class infrastructure have attracted multinational corporations and startups alike. Local special circumstances also play a role in the development of the Commercial Real Estate market in the GCC. The region's rapid urbanization and population growth have led to an increased need for commercial spaces to accommodate businesses and support economic growth. Additionally, the GCC's strong focus on diversifying its economy away from oil dependence has resulted in the development of various sectors, such as tourism, finance, and technology, which require modern and well-equipped office spaces. Underlying macroeconomic factors have also contributed to the growth of the Commercial Real Estate market in the GCC. The region's stable political environment, favorable business regulations, and government initiatives to attract foreign investment have created a conducive environment for businesses to thrive. Additionally, low interest rates and ample liquidity in the market have made it easier for businesses to secure financing for real estate projects. In conclusion, the Commercial Real Estate market in the GCC is experiencing growth and development driven by customer preferences for modern and technologically advanced commercial spaces, strong demand in key cities, local special circumstances such as rapid urbanization and economic diversification, and underlying macroeconomic factors including a stable political environment and favorable business regulations.
Data coverage:
Figures are based on value of commercial real estate.Modeling approach / Market size:
Market sizes are determined by a bottom-up approach. As a basis for evaluating this market, we use national statistical offices. Next, we use relevant key market indicators and data from country-specific associations such as share of industry, manufacturing, and services of the GPD, price level index, GDP. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the market, for example, exponential trend smoothing.Additional Notes:
The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war are considered at a country-specific level.
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