Office rents in Dubai’s prime locations recorded strong growth in the H2 of 2024, rising by an average of 9.1%, Invest-Gate reports citing a report by real estate consultancy Knight Frank.
The highest increase was seen in the Trade Center area, where rents soared 96%. The surge in demand is driven by new businesses entering the market and existing companies expanding, creating a significant shortage of premium office space across the city.

Faisal Durrani, Partner and Head of Research at Knight Frank MENA, noted that Dubai’s office market stands apart from global trends, with new office spaces being leased or sold even before completion. Despite the recent rental hikes, office rents in the Dubai International Financial Centre (DIFC) remain nearly 50% lower than their 2009 peak.

New demand for office space reached 1.28 mn sqf in 2024, a 64% increase from 2023. The business services, real estate, banking, and finance sectors accounted for most of the demand, contributing a combined 843,111 sqf.
Knight Frank expects luxury office supply to grow by 8.2 million sqf between 2025 and 2028, an 86% rise from the 4.4 million sqf delivered between 2021 and 2024. DIFC’s occupancy rate reached nearly 100% by Q4 2024, while 17 prime Sheikh Zayed Road properties averaged a 95.4% occupancy rate. With prime office locations nearing full capacity, companies are turning to alternative areas such as Dubai Science Park and Expo City, where modern facilities and attractive rents are drawing increased interest.