According to the property consultancy JLL, Dubai has been ranked for the first time in a list of the top 30 global cities with the most significant commercial real estate markets.

The emirate was ranked 27th out of 300 cities assessed by JLL, as its standing as a global real estate hub city improved as a result of Expo 2020-related construction activity and enhanced business and tourism prospects for the coming year.

"Dubai has historically punched above its weight," said Craig Plumb, head of Mena research at JLL. "Dubai may have a relatively tiny population in contrast to other cities internationally – roughly 2.5 million – but has long punched above its weight."

"As a result, the city has established a global footprint and substantial impact, as seen by [its ranking on the list] this year."

This year, Dubai was the only Middle Eastern city to make JLL's Top 30 Commercial Property for Sale in UAE list. Cairo was ranked 51st out of 300 cities examined, while Muscat was ranked 170th. The Top 300 countries account for 40% of worldwide economic output and more than 70% of global real estate investment.

The Top 30 Global Cities rating is based on a combination of social, demographic, and economic variables that are used to calculate a city's total commercial appeal.

Since 2014, when it was ranked 36th, Dubai has risen in the rankings each year, demonstrating the city's "increasing worldwide prominence," according to JLL.

Dubai improved its score in office and corporate presence as well as air passenger arrivals, according to JLL, and a growing number of multinational corporations are using Dubai as a base for larger Middle East and African expansion plans.

According to JLL's Q3 market update, average office rentals in Dubai climbed by 1.6 percent year over year in the third quarter of this year, while vacancies in the central business district fell to 8% from 11% in the same period last year.

Over the previous two years, the office sector has consistently outperformed other types of real estate, most notably residential, which has experienced a prolonged decline in villa and apartment sales and rental prices in various regions of the emirate.

From 36th place in 2014, Dubai has improved its score in office and corporate presence, as well as air passenger arrivals, in each of the following years.

This is owing to an increase in the number of companies using the city as a platform for their expansion ambitions into the Middle East and Africa, as well as an increase in interest from Chinese businesses, developers, and visitors.