CORPORATE FINANCE
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Overall , In the longer term , we expect the majority of sectors to recover . For instance , sectors that span the entire human life cycle such as agriculture and healthcare continue to be in high demand . Niche differentiation in sectors such as office spaces and residential into grade A will also be critical , while the increasing need for connectivity will lead to high demand for data centres .
AG : Dubai ’ s office market witnessed a paradigm shift in workplace practices to adapt to social distancing precautions . The widespread deployment of virtual conferencing has helped many companies remain competitive and contactless , especially in the professional services industries . The effectiveness of these tools may vary by company and industry , but some companies will reconsider the need for traditional , or pre-pandemic , office space going forward .
Currently , the market situation has fuelled growth of the technology and digital sectors , underscoring the strategic goals of Smart Dubai 2021 . As of Q3 2020 , many of the enquiries for office space continue to come from the construction and related sectors while healthcare , beauty and pharma as well
“ There has been much exaggerated talk of the ‘ death of the office ’. In reality , we have seen a relatively small number of organisations looking to reduce their office footprint ”
— Robin Davies , Business Development Director , Freespace
as the professional services sectors experienced modest demand compared to previous quarters . The technology sector made up approximately 15 % of enquiries , and with the UAE announcing plans to prioritise digital economies post COVID-19 , demand is expected to further increase in the future .
RD : There has been much exaggerated talk of the ‘ death of the office ’. In reality , we have seen a relatively small number of organisations looking to reduce their office footprint , despite the currently low occupancy levels . Instead , they are looking at creative ways to
FEBRUARY 2021