Developers in the UAE know that there is nothing permanent when it concerns the workplace of the future that is why they are focusing on high-profile office building in preparation for the emerging reality. According to a report from JLL, technology will have a serious effect on future offices because big spaces may no longer be necessary when co-working trends take hold.
JLL predicts that by 2030, at least 30% of corporate portfolio will be composed of flexible workspace meaning investors have to restructure their portfolio to profit from the trend. For example, if the tenant is a tech company, there is a high possibility to ask for non-traditional work spaces with more flexible lease terms of 12, 24 or 36 months.
Craig Plumb, the Head of Research at JLL in the Middle East and North African regions, the region may not be at the forefront of changes but it is likely to adjust to changes very quickly in the next 20 years because of the young, innovative and dynamic nature of its real estate markets. The overall demand, location and layout of offices will increasingly require the attention of investors and tenants of individual buildings. Even the planners and managers of cities will try to compete so that they will prosper in the rapidly changing global landscape.
Project announcements recently include Dubai’s Grade A office spaces that continue to be adequately stocked until the end of the year. ICD Brookfield is also anticipated because it will add about 900,000 square feet of leasable space. Also within the vicinity is the $2.18 billion One Central precinct at the Dubai International Exhibition Centre including Dubai Design District and Tecom’s new buildings. Smart technology has been adopted in these new buildings to drive the success and profitability of the real estate assets.
A new office building usually requires quick and cost effective designs, fitouts and refurbishments in order to optimize occupancy and personalize space. Building owners that require a quality designed office environment has an option in office fitouts in Canberra that will provide the solution to achieve the required outcome. A new fitout will transform the office into an enjoyable and aesthetic space.