Dubai’s office market is booming, with record-high sales and rents in 2024 and a flood of new space set to hit the market by 2026, according to Cavendish Maxwell’s latest report.

This year alone, 185,000 sqm of new office inventory is expected, with another 230,000 sqm due in 2026—most of it A-grade quality. By the end of 2026, Dubai’s total office stock is forecast to reach nearly 9.7 million sqm, up from today’s 6.26 million sqm.

In 2024, Dubai recorded 3,150 office sales worth AED6.8 billion, marking a 36% rise in value and 7.1% growth in transaction volume, five times higher than in 2020. Business Bay led the market with over 46% of transactions.

Sales prices reached AED1,550 per sqft, and rental rates climbed to around AED145 per sqft—both jumping nearly 25% year-on-year. Downtown Dubai and DIFC saw rental spikes of 42% and 38%, respectively, while Barsha Heights recorded the steepest rise among non-A-grade spaces at 43.5%.

Ready offices made up 92% of sales, though demand for off-plan options surged, with 250 transactions (up 37% year-on-year). JVC, Dubai Maritime City, and Culture Village led the off-plan segment.

Experts credit Dubai’s strong macroeconomic climate, pro-business reforms, and rising foreign investment for the sustained demand. However, as 415,000 sqm of new space enters the market, attention will turn to vacancy levels and absorption rates.