Dubai’s commercial real estate sector has shown substantial growth in 2017, driven by the city’s growing global influence and efforts to boost corporate attraction ahead of Expo 2020.
According to JLL’s annual Global Cities Ranking, a report based on the Global300 survey, Dubai has broken into the Top 30 Global Cities ranking for the first time, standing in at 27th out of the 300 cities surveyed.
The survey, which focuses on evaluating 300 cities that are centred on commercial real estate activity, assess cities on a range of different social, demographic and economic indices that have been combined to provide a score of a city’s overall commercial attractiveness.
The Top 300 cities covered by JLL now account for 18% of the global population, 40% of the world’s economic output and more than 70% of total global real estate investment.
Dubai has moved up the ranking in each successive year from 36th place in 2014, improving its score in office and corporate presence as well as air passenger arrivals.
This is due to an increased number of corporations using the city as the base for their expansion plans into the Middle East and Africa, as well as growth in interest among Chinese corporates, developers, and tourists.
Craig Plumb, head of research MENA, JLL, said: “Dubai may have a relatively low population in comparison to other cities globally, around 2.5 million, but has long punched above its weight.
“In doing so, the city has achieved a true global presence and significant influence and this status is confirmed by Dubai’s place in the world’s Top 30 Cities in our latest Global Cities rankings.”
In the Middle East, Dubai has emerged as a top leader in terms of commercial real estate attraction with other cities in the region such as Cairo, ranked at 51 and Muscat, with a ranking of 170 out of the 300 global cities analysed by JLL.