With over 24 million square feet of commercial office space currently under development, Dubai has been ranked a close second in the world in terms of office real estate construction activity by Colliers International.

Colliers International is one of the top three global property service consultants.
According to its mid-year Global Office Real Estate review, which assesses the worldwide commercial property markets in 50 countries, only Moscow ranks higher with the Russian capital boasting an estimated 26.90 million sq ft of ongoing commercial property construction.
John Davis, CEO, Colliers International – Middle East, said: “It is no surprise to see Dubai so close to the top in terms of construction activity.
“This emirate has been making massive progress in recent years with development steaming ahead at an incredible compound annual growth rate of 42.5 per cent.
“Positioned to become the business capital of the region, Dubai has implemented a succession of world-class incentives to attract corporations, NGOs and SMEs from across the globe.”
According to the Dubai Chamber of Commerce and Industry, the emirate’s nominal GDP grew 27 per cent in 2005 – more than five times the global average.
Buoyed by massive increases in non-oil dependant industries, Dubai is generating strong demand for commercial office space.
“Dubai currently boasts 14 million sq ft of available primary and secondary grade office space within its established Central Business Districts (CBDs), a relatively small amount considering the rapid influx of foreign business and the development of indigenous entities currently being undertaken here,” added Davis.“Supply is not meeting demand and developers are feverishly trying to correct the market.”
According to the report, Asia’s commercial construction is also thriving. China’s ongoing economic boom was evident with Beijing and Shanghai placed third and fourth in the global rankings with 23.58 million sq ft and 21.61 million sq ft respectively of office space under construction.