Andrew Elliott appointed to lead new commercial division at Chestertons
The firm says the move is part of its expansion strategy and capitalises on its 200-year pedigree
Real estate services firm Chestertons has appointed Andrew Elliott to lead its new commercial office, retail and industrial sales and leasing division.
Elliott is said to be a seasoned real estate expert who enjoyed a 17-year tenure at CRC (the commercial arm of Betterhomes), where he undertook various commercial-related roles.
“Andrew 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,” said Chestertons CEO Nick Witty.
In February 2020, the firm opened its Al Reem Island office in Abu Dhabi.
Elliott remarked, “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.”
The UAE real estate market is expected to record a compound annual growth rate (CAGR) 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 firm said quoting research firm Mordor Intelligence. It added that Dubai office stock stood at nearly nine million sqm of gross leasable area (GLA) in 2021, with a further 70,000sqm expected to enter the market by the end of 2022.
Elliott commented, “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.”
In October 2022, Savills revealed its top second home locations with an emphasis on wellness.
He concluded, “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.”
Later in October 2022, Knight Frank said that prime residential values in Dubai were up by 88.8%.
