Chestertons, a leading international real estate services firm headquartered in Dubai and London, said it has appointed seasoned real estate expert Andrew Elliott to lead the company’s newly launched commercial office, retail and industrial sales and leasing division.

 

Elliott, who enjoyed a 17-year tenure at CRC (the commercial arm of Betterhomes), where he undertook various commercial-related roles, will now launch and lead Chestertons newly created commercial division, leveraging Chestertons 200-year plus history in the industry.   

 

Chestertons CEO Nick Witty said: "Elliot has a wealth of experience in the commercial real estate sector and, throughout his career, has been recognised for consistently delivering outstanding results for his clients. His knowledge and understanding of the market will be invaluable in our next phase of growth across the region."

 

"With the launch of our commercial division, we can now cater to a broader range of clients while capitalising on the growing demand for commercial space," he noted.

 

As per the latest data from research firm Mordor Intelligence, the UAE real estate market is expected to record a Compound Annual Growth Rate of 6% between 2022 – 2027 as demand for quality office space outstrips supply and, as a result, starts to push up prices in both sales and leasing.

 

The data also revealed that Dubai office stock stood at nearly nine million sqm of gross leasable area (GLA) in 2021, with a further 70,000 sqm expected to enter the market by the end of 2022.

 

"Despite the challenges many industries faced due to Covid-19, the commercial real estate sector in Dubai was one of the few that, after a short period of adjustment, remained relatively unscathed and has subsequently gone on to prosper as the demand for office space continues to grow," said Elliott.

 

"A range of government-led reforms and initiatives have acted as a catalyst for commercial real estate and secured the emirate’s position as a global business hub. With the influx of international firms setting up here and local firms expanding, Chestertons are ideally placed to service these new demand levels," he stated.

 

"I’m looking forward to implementing a strategy and team that will be able to leverage the Chestertons brand values and cater to clients regionally and internationally,” he added.-TradeArabia News Service