Commercial real estate project renewal in the GCC combined with a growing refurbishment market is driving bookings for The Office Exhibition 2012. With GCC interior design spend forecast to reach USD 5.67 billion in 2011, according to Ventures Middle East, the outlook for the office fit out segment remains positive as contractors look to support new infrastructure projects, developers seek to manage their existing assets and end-users take advantage of the surplus in prime office supply in the UAE.
The Office Exhibition 2012, taking place at the Dubai World Trade Centre from May 15 to 17, is the Middle East's leading and largest industry platform for premium office design and fit-out solutions. Billed as a must-attend event for the region's architecture and design community, it brings together some of the world's top names in office design while focusing on expertise, inspiration and collaboration.
Following the success of the 2011 show when business was negotiated onsite and many tenders were entered into, exhibitors are keenly anticipating next year's event. Over half of the exhibition floor space for 2012 has been sold prior to the event's official launch with 30% of that booked before the end of the 2011 show. Organizers have also shown their optimism by reserving an additional hall for 2012.
Against a backdrop of depressed or flat home economies, the recovery trend in certain GCC real estate segments is influencing top international interior brands to target the Middle East. The Office Exhibition is seeing an increase in exhibitor interest from many countries including Italy, Germany, Portugal and the US New international pavilions for 2012 include Russia, Vietnam and South America.
With more than USD 300 billion worth of major projects to be awarded across the Middle East by 2012 event organizer dmg; events is confident that the 11th edition of The Office Exhibition will deliver ever increasing opportunities for participants to tap the anticipated market growth in the regional office segment.
Mr David Wilson event director of The Office Exhibition said that "The Office Exhibition's focus is all encompassing - showcasing the best in office design from around the world, educating the region about the latest office trends and providing invaluable industry networking opportunities."
As regional demand for efficient, world class design in offices and commercial developments gathers pace, so too does demand for sustainable products at The Office Exhibition. In 2012, the regional architecture and design community will be able to source expert opinion and products to help with obtaining GreenGuard certification and LEED accreditation of their projects.
The Office Exhibition will also broaden its show offering in 2012 to include health and education suppliers to meet the regional growth in both these sectors. According to consultants McKinsey & Company the total health care spending in the GCC countries is forecast to reach USD 60 billion by 2025 while Saudi Arabia's 2011 budget, the largest ever, highlighted a spend of around USD 100 billion in education and infrastructure projects.
Mr Wilson said that the GCC commercial fit out and office refurbishment segments are poised for exponential growth in the coming years. Both Qatar and Saudi Arabia have revealed plans for big infrastructure projects which will require supporting commercial real estate, while in the UAE we continue to see businesses take advantage of the declining prices in prime office space and investing significantly in their interiors. With the Office Exhibition attracting visitors from across the wider Middle East and even Africa, it really is the only gateway through which to reach such vast numbers of business opportunities that exist in the region.
