Dubai's office market posted its strongest half-year on record, with sales reaching AED15.8 billion ($4.3 billion) in the first six months of 2026, a 200 percent jump from a year earlier, according to Cavendish Maxwell.
The surge was not just about value. Transaction numbers climbed 38 percent year-on-year to 2,600 deals between January and June. The off-plan sector drove much of that activity, accounting for 65 percent of all office deals in the period.
Big-ticket deals multiply
The most striking shift came at the top end of the market. More than 220 office purchases exceeded AED20 million in H1 2026, compared with just 20 transactions in each half of 2025. Off-plan properties dominated this bracket, making up 95 percent of deals above AED20 million.
Pricing reflected that shift. Off-plan buyers paid an average of AED8.3 million per office in H1 2026, up 133 percent from AED3.5 million a year earlier. Ready office prices rose too, though far more modestly, averaging AED3 million, up 14 percent from AED2.6 million in H1 2025.
A cooler second quarter
Despite the strong year-on-year figures, momentum slowed as the half progressed. Q2 2026 recorded 36 percent fewer transactions than Q1, a signal that the market may be entering a more cautious phase.
Vidhi Shah, Director, Head of Commercial Valuation at Cavendish Maxwell, said: "Year-on-year indicators remained positive in H1 2026, but quarterly trends suggest a moderation in office market momentum. While the structural foundations of Dubai's office real estate sector – including a diversified economy, strategic location and pro-business regulatory environment – remain very much intact, the market has entered H2 in a more uncertain environment."
Shah added: "Performance in the coming months will increasingly depend on the geopolitical situation, the pace of future supply and the depth of occupier demand. If regional uncertainty continues, both new launch activity and buyer decision-making could become more measured. Q3 data will provide a clearer indication of whether the Q2 moderation was a temporary response to external factors or the start of a broader adjustment in market activity."
Supply pipeline builds
New office space totalling 92,300 square meters entered the market in H1 2026, lifting Dubai's total office stock to 9.46 million square meters. More is on the way: 150,000 square meters is due for completion by the end of 2026, followed by 379,000 square meters in 2027 and 718,000 square meters in 2028. Total inventory is expected to reach 10.7 million square meters by 2028.
Where the deals happened
Business Bay led all locations with 814 combined office transactions in H1 2026, followed by Al Sufouh 1 with 498 sales. Jumeirah Lakes Towers recorded 333 sales, Dubai Maritime City 88, and Barsha Heights 82. Together, the top five locations accounted for more than 70 percent of all office transactions in the period.