In general, the countries in the Middle East have seen tremendous growth in their already gigantic economy, especially in the commercial industry. The stable oil-centered economy of the Middle East areas has also helped expand other sectors of the economy. One such sector that has greatly benefited from the country's established economy is the commercial real estate industry in the region. One of the premiere countries experiencing the said boom in the commercial real estate industry is the United Arab Emirates. Specifically, Dubai is gradually becoming one of the hottest areas for commercial investors worldwide. The demand for commercial property in Dubai significantly exceeds the currently available supply. In a 2006 report, the vacancy rate in the commercial real estate market in Dubai was noted to be -1%. Because of the large demand for commercial property, various multinational companies with investments in Dubai are searching for commercial property in nearby areas. New developments in nearby areas are being undergone to create the necessary space for the investing corporations. Thus, even the commercial real estate industry in outlying areas has greatly benefited from Dubai's economy. Another country experiencing a boom in the commercial real estate industry is Turkey. Specifically, Istanbul, the country's center of finance, is leading the pack. Currently, approximately 50% of the population of Turkey is below 25 years of age, which is the working population. Thus, more employment opportunities need to be created in the country, promoting the country's commercial real estate industry further. At present, foreign investing is reaching significant heights. Similar to the commercial real estate industry in Dubai, there is significantly more demand for commercial real estate space than there is available supply. Due to the lack of supply, the value of the properties in the area goes up. In a few years, investing in such properties could result in significant capital gains and returns of investment. All these factors combined make commercial real estate in Turkey very attractive to investors. Another factor that makes Turkey appealing to investors is the gradually growing industry of tourism in the country. Although currently only a tourist destination during the summer, projects are underway to promote the country throughout the year. Thus, there is even more demand for rental homes and hotels in the area. However, there are also several problems in the commercial property market in the Middle East. Because of the high demand and inadequate supply for office space, work environments are usually not adequate. Workspaces tend to be small, and sourcing of utilities is occasionally a problem. Also, there are occasional disputes regarding the regulations employed in the region, which have a tendency of changing without proper notification and dissemination. More developments are thus necessary to address these specific commercial real estate issues. The oil-based economy of the Middle East countries, along with the good international relations they have formed with countries outside the region, ensures that the commercial real estate industry in the Middle East will stay strong for many, many years to come.
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