Strong demand for office space in the GCC 

(MENAFN - Times of Oman) The total value of construction projects for the commercial sector in the GCC between 2009 and 2010 is $34 billion and around two per cent of this spend, totalling over $710 million, will be within Oman, a latest research report said.

The study carried out by leading independent research company, Ventures Middle East on behalf of dmg world media, said, "Out of a total of 142,916 plots distributed at the beginning of 2008 in Oman, 4,102 plots or 2.9 per cent were used for commercial purposes. Additionally approximately 3.9 per cent of the plots existed as residential-cum-commercial use properties."

The research estimated that the majority of the office supply and demand in Oman is concentrated around the capital Muscat. "New office projects between 2009 and 2010 are estimated to be worth $710 million, with interior design contracting (IDC) and fit-out expenditure totalling $85 million," the study stated.

"Despite the economic recession, Oman remains an attractive location for companies to locate to, and this is borne out by the fact that office space continues to grow within the country. In addition to the significant value of the commercial projects to the construction sector, there is massive potential for interior designers and office suppliers," Sinead Bridgett, The Office Exhibition event director said speaking about the research.

"The Office exhibition brings the office sector from across the globe into Dubai, and provides the ideal opportunity for companies from Oman to showcase their products and ensure they are part of this still growing sector," Bridgett added. New office projects are set to double between 2009 and 2010 within the GCC, according to new research commissioned by dmg world media, organisers of The Office Exhibition.

Looking elsewhere in the GCC, in the UAE, the new office space in 2009 and 2010 is worth $22 billion, with estimated fit-out and IDC spend at $2.7 billion. In KSA, office space of around eight million square metre is expected to grow between 20-30 per cent by 2012. The total value of new projects is estimated at $4.8 billion, with fit-out and IDC at $577 million.

In Qatar, Doha's office market has experienced significant growth, with the value of total commercial office projects expected to be completed between 2009 and 2010 at $3.1 billion, and IDC and fit-out estimated at $374 million.

Office stock in Bahrain is estimated at 500,000 square metres, and research suggests there is demand for an additional 80,000 square metres.