Offices · JLT · September 2026
JLT offices: fewer deals, higher prices, and why size beats address
Office sales, leasing and supply across Jumeirah Lake Towers, tower by tower, built from registered DLD and Ejari data for the 12 months to 25 September 2026.
- Commercial sales
- 835
- 12 months to Sept 2026
- Median sale price
- AED 1,680
- Per sq ft
- Achieved new-lease rent
- AED 126
- Per sq ft, Sept 2026
- Commercial units
- 11,172
- Registered in JLT
Eight things worth knowing
- Fewer deals at higher prices835 commercial sales in twelve months, down 23%, at a median AED 1,680 per sq ft, up 22%. Owners are holding, and those who sell are achieving more.
- The third quarter turned softerPrice per sq ft rose seven quarters in a row to AED 1,770 in Q2 2026, then eased to AED 1,610 in Q3, the first quarterly fall in two years.
- Buyers came backVolume halved to 120 sales in Q2 and recovered to 150 in Q3. Buyers returned, at lower prices.
- JLT's headline is honest772 of the 835 sales were resale. Unlike districts driven by launches, the JLT median is a fair anchor for pricing.
- Size decides price more than addressUnits up to 1,100 sq ft sell at a median AED 1,650 per sq ft; units of 2,200 sq ft and up at AED 2,650. Much of the 'premium tower' gap is really a large-unit premium.
- Rents are flat like for likeNew leases on 800 to 1,200 sq ft units rose 2%, and 1,200 to 2,000 sq ft slipped 1%. Bigger, better-fitted units leasing is what lifts the averages.
- Whole floors are the big-ticket tradeJBC 4 floor 30 sold for AED 33.5M, Mazaya BB2 floor 29 for AED 15.75M, and all eleven units of an Armada 2 floor for AED 12.0M.
- A new Grade A landlord arrivesSweid One adds about 500,000 sq ft of single-landlord offices from Q4 2026, marketed at around AED 320 per sq ft, far above JLT's achieved median.
A softer third quarter
| Quarter | Median AED/sq ft | Sales |
|---|---|---|
| 2024 Q1 | 1,100 | 233 |
| 2024 Q2 | 1,190 | 265 |
| 2024 Q3 | 1,110 | 250 |
| 2024 Q4 | 1,320 | 231 |
| 2025 Q1 | 1,330 | 232 |
| 2025 Q2 | 1,430 | 324 |
| 2025 Q3 | 1,470 | 290 |
| 2025 Q4 | 1,610 | 310 |
| 2026 Q1 | 1,700 | 245 |
| 2026 Q2 | 1,770 | 120 |
| 2026 Q3 | 1,610 | 150 |
All commercial sales. Q3 2026 runs to 25 September.
| Segment, 12 months | Sales | Volume | Median price | AED/sq ft | Change |
|---|---|---|---|---|---|
| All commercial | 835 | −23% | AED 2.01M | 1,680 | +22% |
| Resale | 772 | −23% | AED 1.98M | 1,650 | +20% |
| Off-plan and primary | 63 | −21% | AED 4.40M | 3,540 | +147% |
Why size beats address
| Size band | Sales, 12m | Volume | Median price | AED/sq ft | Change |
|---|---|---|---|---|---|
| Up to 1,100 sq ft | 355 | −24% | AED 1.50M | 1,650 | +25% |
| 2,200 sq ft and up | 65 | −16% | AED 8.06M | 2,650 | +26% |
Units of 2,200 sq ft and up command a 61% premium per sq ft over units up to 1,100 sq ft, and both bands repriced by about the same 25%. A 900 sq ft unit in a premium tower should be priced against small-unit evidence, not the building median. In the Mazaya towers, registered sales run at a median AED 1,330 per sq ft in BB1 and AED 1,280 in BB2, while listings sampled in September asked about AED 1,780: a gap of roughly a third that is stalling deals.
Office towers ranked
| Tower | Sales | AED/sq ft | Change | Median sale | Yield |
|---|---|---|---|---|---|
| Almas Tower | 17 | 4,300 | +16% | AED 6.02M | 4.9% |
| Swiss Tower | 13 | 3,240 | +58% | AED 5.71M | 5.7% |
| JBC 4 | 29 | 3,000 | +33% | AED 3.90M | 5.7% |
| Silver Tower (Ag) | 13 | 2,939 | – | AED 2.18M | – |
| Gold Tower (Au) | 19 | 2,920 | +21% | AED 2.77M | 4.6% |
| JBC 2 | 15 | 2,910 | +27% | AED 3.38M | 5.0% |
| JBC 5 | 34 | 2,680 | +33% | AED 3.30M | 4.5% |
| JBC 1 | 51 | 2,650 | +21% | AED 3.40M | 5.3% |
| Reef Tower | 12 | 2,650 | +12% | AED 6.37M | 6.4% |
| Platinum Tower | 26 | 2,490 | +13% | AED 2.55M | 6.4% |
| Saba Tower 1 | 14 | 2,380 | +11% | AED 4.21M | 5.9% |
| Mazaya AA1 | 28 | 1,740 | +45% | AED 2.30M | 6.4% |
| Jumeirah Bay X2 | 50 | 1,610 | +41% | AED 1.33M | 7.5% |
| Jumeirah Bay X3 | 42 | 1,610 | +24% | AED 1.33M | 7.6% |
| Indigo Icon | 24 | 1,600 | +28% | AED 1.83M | 8.4% |
| Tiffany Towers | 13 | 1,560 | +16% | AED 1.65M | 7.6% |
| HDS Business Centre | 42 | 1,520 | +29% | AED 2.03M | 6.0% |
| The Dome | 40 | 1,510 | +31% | AED 2.12M | 5.7% |
| HDS Tower | 42 | 1,490 | +19% | AED 1.64M | 6.1% |
| Goldcrest Executive | 13 | 1,470 | +15% | AED 1.26M | 7.8% |
| Dubai Star | 48 | 1,460 | +13% | AED 1.20M | 7.7% |
| Fortune Executive Tower | 23 | 1,450 | +30% | AED 1.75M | 7.6% |
| Fortune Tower | 17 | 1,360 | +12% | AED 1.73M | 6.5% |
| Liwa Heights 1 | 12 | 1,340 | +29% | AED 1.80M | 7.8% |
| Mazaya BB1 | 26 | 1,330 | +21% | AED 2.26M | 6.2% |
| Mazaya BB2 | 33 | 1,280 | +16% | AED 1.55M | 10.0% |
| 1 Lake Plaza | 25 | 1,260 | +18% | AED 1.44M | 7.9% |
Every JLT office tower with at least twelve commercial sales in the last twelve months. Yield is median annual rent divided by median sale price; treat it as a ranking, not a return.
Registered and achieved rents
| Size band | New leases | Median | Change | Renewals | Median | Change |
|---|---|---|---|---|---|---|
| Under 800 sq ft | 236 | AED 69,900 | 0% | 425 | AED 80,000 | +7% |
| 800 to 1,200 sq ft | 489 | AED 102,000 | +2% | 856 | AED 104,900 | +4% |
| 1,200 to 2,000 sq ft | 768 | AED 143,200 | −1% | 981 | AED 140,000 | +3% |
2,715 new leases in 12 months (median AED 150,000) and 2,965 renewals (median AED 120,000).
| Tower (contracts) | Achieved AED per sq ft |
|---|---|
| JBC 4 (2) | 261 |
| JBC 1 (7) | 205 |
| JBC 2 (5) | 164 |
| HDS Business Centre (4) | 160 |
| 1 Lake Plaza (2) | 140 |
| Jumeirah Bay X2 (3) | 138 |
| Indigo Icon (5) | 126 |
| HDS Tower (4) | 124 |
| Tiffany Towers (5) | 123 |
| Indigo Tower (2) | 120 |
| Mazaya BB1 (2) | 120 |
| Goldcrest Executive (2) | 114 |
| Jumeirah Bay X3 (2) | 112 |
| Dubai Star (5) | 99 |
Median of 92 new Ejari contracts starting September to December 2026; towers with a single contract are omitted.
What lands, and when
| Project | Type | Scale | Timing |
|---|---|---|---|
| Sweid One, Sweid & Sweid | Grade A, single landlord | c.500,000 sq ft | Q4 2026 |
| Uptown Place One and Two, DMCC | Office, F&B, retail | c.667,000 sq ft | Q1 2028 |
| ME DO RE Business | Strata offices, off-plan | 293 units | Sep 2029 |
| Uptown Dubai Tower 1, DMCC | Office, mixed | Long-dated | 2030, reported |
Sweid One is being marketed at around AED 320 per sq ft, roughly two and a half times JLT's achieved median, so it competes for occupiers who want new Grade A space rather than the standard strata market. For standard strata offices, competition over the next two years comes from existing stock, not new towers.
JLT against Business Bay
| Measure | JLT | Business Bay | Gap |
|---|---|---|---|
| Ready resale median, AED/sq ft | 1,650 | 2,080 | −21% |
| Ready resale median price | AED 1.98M | AED 2.25M | −12% |
| Resale volume, 12 months | 772 | 881 | −12% |
| Achieved new-lease rent, AED/sq ft | 126 | 153 | −18% |
| Indicative gross yield, medians | c.6.5% | c.5.8% | +0.7 pts |
JLT costs about a fifth less per sq ft than Business Bay on ready stock and achieves about a fifth less rent. The result is a modest yield edge and a lower ticket, not a bargain. JLT's occupier base is anchored by DMCC's free zone community, which added more than 2,300 companies in 2025.
What this means
- Owners: price off Q3 and your unit sizeThe twelve-month median is behind the market. Use recent registered sales for units of your size in your tower, and where listings ask a third above evidence, repricing is what gets a deal done.
- Occupiers: use achieved rents, not asksStandard fitted space lets at AED 100 to 140 per sq ft. Treat Sweid One at around AED 320 as a ceiling, not a benchmark.
- Investors: buy the yield, not the discountJLT offers about 6.5% on median figures against 5.8% for Business Bay resale, with a lower entry ticket.
Sources: DXB Interact: DLD sale transactions, market summaries, building statistics, Ejari tenancy contracts, broker transaction records and handovers (12 months to 25 September 2026); Bayut and Property Finder listings (asking prices only); Savills Dubai Office Market Q2 2026; JLL UAE Office Market Dynamics Q2 2026; DMCC, Sweid & Sweid, CBRE and JLL listings. Market commentary, not a valuation or investment advice. Looking for office space? See what I cover.