Dubai retail space up 260% in 2010

Whole some areas of industry have experienced a downturn in recent years there are promising signs that the retail industry is experiencing and unprecedented boom in Dubai and the UAE. The latest reports show a colossal increase in leasable retail space in Dubai itself up to 2010, with an increase of over 260% indicated in research by the Mumbai based Bharat Book Bureau research company.

In an interesting contrast to the rise in available space a report by CB Richard Ellis, consultants in the industry, stated that rental rates have fallen considerably in recent years, indicating a loss of value in what were possibly over-inflated rental costs in recent years. Indeed, to rent retail space in Dubai costs almost half of the amount it would have done in 2006.

With some of the lowest rental charges in the Middle East – let alone Europe – Dubai may be set for an increase in retail that is unprecedented in the region. Global brands continue to move into the city and with such attractive costs there is likely to be an influx of worldwide retail brands in the years to come.

This in turn adds to the possibilities of jobs in the market, with sales and marketing openings coming hand in hand with an increase in retail lets. The way the market is developing indicates that Dubai is settling into its new found position as a retail centre for Middle East businesses, and the more international brands take up residence in the malls of the city the more others are likely to follow.