Bahrain Real Estate News
Bahrain office sector continues to grow
The office sector in Bahrain is witnessing strong growth, with new office projects hoped to double during the coming year within GCC, reveals latest research report.
Commissioned by dmg world media, the organizers of the Office Exhibition, the research estimates that the total value of construction projects in the GCC commercial sector during this year and the next will be about $34billion, with about $4billion being spent on interior designing. Out of this estimate, four percent will be spent within Bahrain, totaling to more than $1.4billion, the report said.
Carried out by Ventures Middle East, an independent research company, on behalf of dmg world media, the research estimates that currently Bahrain holds about 500,000 sq. mts of office stock and hopes that an additional demand for 80,000 sq/mt, is likely in the near future.
Between this year and the next, the market will be supplied with an additional $172mn interior design contracting and fit-out, contributing to the additional office space projects worth $1.4bn.
As for the cases elsewhere in the GCC, UAE will witness an additional office space worth $22bn between this year and the next, Saudi Arabia will see a total of $4.8bn worth of new projects, and Doha will witness $3.1bn worth new office projects.
Despite the economic turmoil, Bahrain continues to be an attractive location for companies to consider, as the office space in the country continues to grow, said Sinead Bridgett, the Office Exhibition Event Director.
The Expo will be held at the Dubai World Trade Center from 9th to 11th February 2010.
Posted on 26/11/2009
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