The Opus in Business Bay is a premium office building. The deal was closed for Dh20.2 million, according to a Monday announcement from Dubai-based Bayti Real Estate. The real estate company claims that this transaction sold a 2,879-square-foot premium office space for Dh7,040.00 per square foot, or Dh20.26 million.
The sale represents the highest value per square foot of any transaction ever recorded by the Dubai Land Department (DLD), according to a statement from Bayti.
Before she died in 2016, Iraqi-British architect, artist, and designer Zaha Hadid created this office and building. Her notable creations are the Deutsche Guggenheim in Berlin, Germany; the Sheikh Zayed Bridge in Abu Dhabi; and the Dubai Opera.
Tariq Williams, CEO of Bayti Real Estate, said, “This transaction reflects the ongoing positive trend in property demand across Dubai, the UAE, and the rest of the region. We see a significant shift in how businesses approach their office requirements.”
He added, “With increasing demand for flexible, fully serviced offices in prime locations, companies prioritize spaces that can accommodate hybrid work models and offer collaborative environments. High-end, move-in-ready spaces in premium locations such as Business Bay, Downtown Dubai, and DIFC are in particularly high demand.”
Williams claims that there is a shortage of prime locations as a result of growing demand and that companies are looking more and more for premium, strategically located office spaces to accommodate their changing needs.
Furthermore, according to the most recent report from CBRE, Dubai’s office market has responded with rising occupancy rates, which went from 90.1% in Q1 2023 to 91.3 % in Q1 2024.
There is a growing trend in the UAE for shorter, more flexible lease terms, according to leasing trends. Additionally, a lot of companies are looking for posh office spaces that complement their corporate branding.
“This demand for flexibility and high-quality office environments is driving competitive bidding for Grade A spaces, with businesses keen to secure prime locations that offer both functionality and prestige,” Williams added.
