The growth of Dubai's commercial property sector is underpinned by an increasing demand for the 'right space' in the 'right location' at the 'right price'.
Led by economic growth, driven by the preparations for Expo 2020 Dubai, and the positive performance of the retail, hospitality and tourism sectors, there has been strong demand for commercial property in Dubai this year.
To support customers in making any commercial property decision - be it purchasing or renting - we recommend 7 'tips' that every investor/tenant must consider.
Keep all documents updated
It is important to ensure that you have all your documents, especially your business licence, updated and ready for submission once you decide to buy or rent a commercial space. Understanding the parameters of your licence will help you make the right decision about whether you can buy or rent on-shore or only in a free zone.
Study the market
Before you make any property-related decision, understanding the local real estate market is important. This will help in not only ascertaining your budgetary allocation but also the right location where you want to buy or rent.
Decide on the optimal space
It is important to ask yourself how much office space is needed for your business. Having a clear understanding of the space needed will help in deciding if the price offered is reasonable or not.
Finalise your budget
It is imperative that the commercial property you prefer is economically feasible for you and fits your budgetary allocation. Look for units that offer flexible and optimal payment plans, which will help you in managing your budget judiciously.
Go for the right developer
Whether it is off-plan or ready commercial space, you must narrow down your search to a list of reputable builders who have proven industry credentials and who can address all your queries. The delivery track-record of developers must be evaluated.
Choose your fit out wisely
Reputation is everything. Study the reputation of your fit-out contractor before saying yes to them. Additionally, find out what their level of service is. Some fit-out contractors will only show up towards the end and execute the plan that you propose while some will accompany you right from ideation to execution. Ideally, they must have the competencies to plan and design the space that meets your expectation and your budget.
While elaborate preparation and homework will help you gain an understanding of the market, it is advisable to seek the consultancy of an established property services company as they will hand-hold you through the journey, offer you credible advice and put your interests first. Aspects that tend to be overlooked will be covered, and you will be assured of peace of mind in transitioning seamlessly to your own office, and focus on your work priorities.
The writer is the general manager of Hamptons International. Views expressed are his own and do not reflect the newspaper's policy.