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Owners of untenanted office units in Dubai need not worry too much. A new report finds that multinationals rate the Middle East as offering optimum prospects for expansion in the next two years. India and Africa were also rated top choices in the survey conducted by the consultancy CBRE.
?Dubai remains a focal point in the Middle East and a destination of choice for global corporates looking to expand into this region or the lucrative African market,? Nick Maclean, managing director at CBRE Middle East, said.
The survey found that 30 per cent of corporates polled identified the Middle East as a potential destination for expansion in the next two years, a rise from 24 per cent in 2012. It shows quite clearly that global businesses are back to network expansions, which is always good news for commercial realty in emerging markets. In the UAE, there will be plenty they can choose from as a steady supply of newly completed stock hits the market at fairly regular levels.
In fact, with the improvement in demand, concerns of an oversupply in prime commercial space in Dubai have receded. There is limited Grade A office space available for the taking.