Branded projects enter Dubai's commercial realty space
Dubai's commercial market space has grown in pace with the emirate's booming residential market, as businesses from around the world rush in to take advantage of the emirate's business-friendly policies.
Chestertons Mena's Q1 2025 Market Report shows a 50.4% year-on-year increase in commercial leasing, underscoring the powerful convergence of market demand, investor confidence, and regulatory readiness.
Office leasing led the commercial sector, recording over 101,000 transactions — a 62.7% increase compared to Q1 2024 — while retail leasing saw 36,000 transactions, amounting to Dh3.4 billion. Land leasing also posted steady gains. The data points to robust corporate expansion, growing business formation, and sustained appetite for commercial space across key UAE zones. The UAE's commercial real estate sector projected to exceed Dh207 billion by 2030.
In a strategic move to address Dubai's growing demand for premium commercial spaces, Prospect, in partnership with Mulk Properties, recently launched The LX – a Dh350 million boutique office and retail development in Arjan.
The launch comes at a time when Dubai's commercial market is seeing a paradigm shift — away from generic office towers toward purpose-built, design-led spaces that prioritize community integration, functionality, and long-term investment value. Arjan, as a well-connected and increasingly sought-after destination, ticks all these boxes, making it the ideal location for Prospect's newest venture.
Set for handover in Q3 2027, The LX features 71 premium boutique office units and two curated retail spaces, offering modern businesses and discerning investors a rare opportunity to own commercial assets in a location experiencing unprecedented growth. With demand for flexible, high-specification office spaces at an all-time high in Dubai, The LX is positioned to fill a significant gap in Dubai's evolving commercial real estate sector.
Mulk Properties, known globally for projects like Zim Cyber City and the Ajman Sports Complex, brings international development expertise and long-term vision to the partnership. 'The LX marks our strategic entry into Dubai's commercial property segment, and we've done so with intention and insight,' said Nawab Shaji Ul Mulk, Chairman of Mulk International. 'Our focus has always been on high-impact, future-proof developments. With Arjan's explosive growth and limited premium office supply, The LX provides the kind of asset that can define the district. Together with Prospect and OBG, we're setting a new benchmark for what boutique commercial development in Dubai should look like.'
'The LX is a targeted solution to an urgent market demand,' said Rajat Verma, Co-founder of Prospect. 'Our goal has always been to develop where demand is real and rising. As Dubai grows, so does the need for smart, well-located business infrastructure. Arjan is on the cusp of a commercial renaissance, and The LX will be at the forefront of that transformation. This project exemplifies Prospect's vision of delivering high-return assets in high-potential areas.'
The LX is already drawing strong interest from investors, SMEs and entrepreneurs. 'We're witnessing a major shift in how commercial real estate is being utilized in Dubai. Businesses want flexibility, quality, and connectivity. Arjan offers all three, and The LX delivers on them at a premium standard. We're proud to represent a development that understands what the market truly needs,' said Umar Bin Farooq, Founder & CEO of One Broker Group.
With direct access to major highways, Al Barsha South, Jumeirah Village Circle, and Dubai Science Park, Arjan is one of the few remaining zones offering centrality without congestion. With thousands of new residential units being delivered, the demand for adjacent commercial infrastructure is rising sharply. The LX directly supports this growth by offering a professionally designed, investor-grade asset that balances prestige with practicality.
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