New office projects in the Gulf region are set to double between 2009 and 2010 with companies spending more than $4 billion on interior designs, according to new research.

The research was carried out by leading independent research company Ventures Middle East on behalf of dmg world media, organisers of The Office Exhibition, the Middle East’s only office solutions event.

Now in its 9th year, the expo will be held at the Dubai World Trade Centre from February 9 to 11, 2010 and will feature over 250 companies, covering an area of approximately 19,000 sq m.

The Ventures research estimates that the total value of construction projects for the commercial sector in the GCC between 2009 and 2010 is $34 billion.

The research places the UAE office sector ahead of the rest of the region in terms of new office space, accounting for a third of all new commercial construction projects, followed some way behind by Saudi at 14 per cent and Qatar at nine per cent.

The UAE is leading the way in terms of new commercial projects, accounting for 66 percent of the total value, the research added.

According to the research, in the UAE, the total office stock in Abu Dhabi is estimated at 1.3 million with Dubai contribution put at 3.1 million.

'Combined, the new office space in 2009 and 2010 in the UAE is worth $22 billion, with estimated fit-out and interior design contracting (IDC) spend at $2.7 billion,' it added.

In Saudi Arabia, the office space of around 8 million sqm is expected to grow between 20 to 30 per cent by 2012. The total value of new projects is estimated at $4.8 billion, with fit-out and IDC at $577 million.

In Qatar, Doha’s office market has experienced significant growth, with the value of total commercial office projects expected to be completed between 2009 and 2010 at $3.1 billion, and IDC and fit-out estimated at $374 million.

According to the research, the office stock in Bahrain is estimated at 500,000 sqm, and there is still demand for an additional 80,000 sqm.

'Additional office space projects worth $1.4 billion are set to supply the market between 2009 and 2010, with IDC and fit-out at $172 million.'

'Finally, in Oman, the majority of the office supply and demand is concentrated around the Muscat Governate, with new office projects between 2009 and 2010 estimated to be worth $710 million, with IDC and fit-out at $85 million.'

Speaking on the research, Sinead Bridgett, The Office Exhibition event director said, 'Despite the economic recession, the Middle East remains an attractive location for companies to locate to, and this is borne out by the fact that office space continues to grow within the region.'

'In addition to the significant value of the commercial projects to the construction sector, there is massive potential for interior designers and office suppliers,' she noted.

'The Office exhibition brings the office sector from across the globe into Dubai, and provides the ideal opportunity for companies to showcase their products and ensure they are part of this still growing sector, Bridgett added.-TradeArabia News Service