Officebroker.com is rebranding as Officio to move away from the broker model and aid clients in finding long-term solutions, rather than completing short-term goals.
Dubai dips its toes in home office concepts
The UAE-based real estate investment company Emaar has released its Park Ridge apartments plan that will combine home and office features for the price of one.
Last year, Abu Dhabi announced that startups can have the flexibility of operating from their homes for a fixed period.
“More resi-office combos will be brought to market by developers if the concept clicks,” said Sameer Lakhani, Managing Director at Global Capital Partners. “Pricing will be the key point, because buyers for these homes will typically be keen on getting the business license as well, which means they don’t have to pay for office premises. The ideal pricing could be between Dh1 million to Dh1.5 million.”
These “home offices” will mostly attract end-user buyers who can still rent out their residencies. Dubai already had “flexi-offices” and accompanying visas at its free zones, but developers are now marrying that to a residential concept.
Emaar and Nshama have also launched a coworking concept at their Dubai Hills and Town Square developments in an effort to hop onto the successful market.
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JLL revealed that coworking and serviced office projects rose from just 10 in 2010 to 70 in 2018 in the UAE.
The UAE authorities have begun introducing and updating initiatives to boost certain sectors of the economy, including real estate.
Craig Plumb, Head of Research at JLL’s Middle East and North Africa operations, says that 2019 prospects depend on how quickly these initiatives, such as the flexible visa requirements, will take to drive demand.
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JLL research revealed that Dallas-Fort Worth is ranked 12th out of the country’s top 15 coworking and flexible space markets, taking up 3 million square feet of space.
Office provider LABS has launched its 96,100 square foot flagship property LABS House in Bloomsbury, London that features coworking, offices, and full-service dining.
Cool office interiors are ideal at first glance, but looking into a company’s principles, such as gender equality and flexibility, will be the factors that retain talent.
Colliers International revealed the success of the office market last year due to high demand for coworking and tech firms, but predictions for 2019 are uncertain.
Shared office space providers as tenants have become the norm for many landlords and building owners, and now many REITs have adopted coworking as it continues to expand.
Brookfield Properties has teamed up with Convene to spruce up the 73,000 square foot Brookfield Place into a full-service events venue that accommodates up to 500 people.
Many coworking operators pride themselves on massive, rampant expansion, but some industry experts believe this growth could lead to failure and consolidation in 2019.