DTZ comes out with new report
Recently, DTZ, the international real estate advisory firm came out with a report that concentrates on the industrial and warehouse market in Abu Dhabi.
"In the wake of the economic crisis, the UAE is increasingly focusing on the building blocks that helped it grow, trade. Our report provides a summary of the industrial and warehouse market in Abu Dhabi with particular focus on the more established and up and coming warehouse locations within the Emirate," said Joseph Garwood, Associate Director at DTZ.
The report suggests that the need for more advanced logistics capabilities has been generated by the economic development and diversification strategies of the UAE, and other GCC countries since these countries are on course to prominently increase their production and manufacturing bases.
Given this consideration, there will be a notable impact on the demand for warehousing space due to the growth of the logistics sector. Warehouse space within free zones is being desperately sought by re-exporters as well as third party logistics supplies (3PLs).
Furthermore, the UAE is still witnessing the manufacturing sector being developed, due to which there is a high dependency on imported goods.
As of now, traders account for the most of demand for warehousing space within the country, particularly outside of the free zones.
If vacancy levels are given a sight, they have been pretty low traditionally in Abu Dhabi because of the limited amount of speculative stock brought to the market, with each industrial zone leaving the construction of warehouses to owner occupiers.
DTZ's demand study based upon the present number of industrial workers totals the total average floor space demand to be 8,917,822 sq m.
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