Construction in the Middle East Is on the Rise

NEW YORK CITY-”I’ve never seen so many cranes in my life,” said Jeffrey Finn, NAI president and COO during a 2005 NAI Global Market Report presentation, speaking of Middle Eastern countries such as Dubai and Abu Dhabi. “Jobs are flowing; the money is flowing. There is $50 million worth of construction under way.” He also noted that there is a demand for skyscrapers in the Middle East and Asia.

“There is also real opportunity in Eastern Europe and Beijing is building a new city each year.” Last year 2.9 million square meters of new class A space were added. The retail market in Mexico is becoming more attractive to larger retailers including Wal-Mart.

In regards to China, keynote speaker Dr. Peter Linneman of Philadelphia-based Linneman Associates called it “a market in the Middle Ages. They’re a century behind, but moving six years at a time. Catching up is easy, moving forward is difficult.”