Providing an overview of the property market, consultant JLL recently revealed this year’s top real estate trends in the MENA region.
Hosted under the theme A Reset for the Real Estate Sector, Thierry Delvaux, CEO of JLL Middle East, Africa and Turkey, and his team provided an overview of the outlook for the property market, trends driving sustainability, demand for flexible office space, themes transforming international real estate, UAE construction cost trends, as well as insights on the workforce of the future.
TOP REAL ESTATE TRENDS FOR 2022
SUSTAINABILITY
According to JLL, the role of the built environment in creating a more sustainable future is now at play more than ever. As stakeholder pressure rises, regulators, occupiers, lenders and investors will expect more from the built environment sector.
FLEXIBLE OFFICE SPACE
The roll out of hybrid policies is giving employees the flexibility to choose their own work settings, says JLL. The consultant notes that companies are now looking for spaces that offer employees comfortable workspaces: relaxation, outdoor areas, and healthy food services to encourage workers back to the office.
RESHAPING OF COMMERCIAL REAL ESTATE
An uneven recovery across the globe and equally unprecedented policy responses are leading to a reshaping of commercial real estate, says JLL.
“In this disruption, there is opportunity. Property conversions, design changes, zoning variances and other creative solutions will be among the steps that real estate investors and tenants take to position themselves for the future, not just to survive, but to thrive,” according to JLL.
CONSTRUCTION COSTS
The UAE construction projects market rebounded during 2021, with the residential sector being the highest performer within construction asset awards. According to JLL, this trend is expected to continue thorough-out 2022 with an increasing demand for residential units.
JLL expects that the UAE 2022 federal budget and the oil price recovery should create positive market sentiment, ultimately driving construction activity over the course of the year.
PREPARING FOR THE WORKFORCE OF THE FUTURE
JLL predicts that future successful companies will need to bold and proactive in shaping their workplaces according to the changing needs and preferences of a liquid workforce.
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