Abu Dhabi’s financial hub is experiencing a shortage of office space due to the influx of major global hedge funds. The sleek towers of the Abu Dhabi Global Market on Al Maryah Island are close to full occupancy, with demand increasing for companies to locate within ADGM. As a result, occupancy rates on Al Maryah Island have exceeded 95%. To meet the growing demand from companies seeking a presence in Abu Dhabi’s financial hub, expansion is necessary.
The emirate is currently expanding the free zone to include neighboring Al Reem Island, providing 10 times more space and making it one of the largest financial districts in the world. The move has prompted some companies to consider constructing their own towers across Abu Dhabi. New entrants, including hedge funds, venture capital firms, and cryptocurrency companies, have led to a 211% increase in the financial center’s assets under management in the first quarter.
Abu Dhabi’s tax-free income, sunny weather, and time zone allowing for trading during Asian, European, and US business hours make it an attractive destination for companies from around the world. The emirate’s officials have also offered perks to new entrants such as assistance with school admissions for their children and securing memberships at country clubs. While higher average rents across prime commercial spaces in Abu Dhabi may result from this increase in demand, it is likely that the scarcity of available supply will continue to push prices higher.
The office market is being impacted by new entrants from various industries, changing its traditional dynamics dominated by state-linked companies. Plans are underway to expand office space in Abu Dhabi over the next two years to capitalize on growing demand and accommodate these changes.
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