Newmark Expands Footprint into the GCC with Dubai Office Opening
Global real estate services firm Newmark has made a significant entry into the Gulf Cooperation Council (GCC) region by inaugurating its new office in Dubai. This launch marks Newmark’s 166th office worldwide, solidifying its position as one of the leading players within the commercial real estate landscape.
Background of Newmark
Headquartered in New York, Newmark boasts a robust portfolio in the commercial real estate sector, offering services such as advisory, broking, property management, and market intelligence. The firm’s impressive $2.9 billion revenue is a testament to its successful operations facilitated by over 8,400 professionals spread across 165 offices globally. Until this recent expansion, Newmark did not have a presence in the GCC, a rapidly evolving market known for its lucrative opportunities.
The New Dubai Office
The newly launched office is situated in Dubai Hills Business Park and is spearheaded by Stefan Burch, who takes on the role of Senior Managing Director. Burch’s leadership is expected to be instrumental in positioning Newmark as a frontrunner in the region.
In discussing the significance of their new Dubai office, Joe Morris, Vice Chairman for International Markets at Newmark, stated, “Our new office underscores Newmark’s global strategy to scale across nearly all industry verticals and asset classes in the world’s most important commercial real estate markets.” This strategic move is aimed at leveraging the dynamic real estate environment that the GCC region offers.
The GCC Market Potential
The GCC region is increasingly becoming a focal point for real estate investment and capital flow. John Busi, President of the Valuation & Advisory practice at Newmark, emphasized the allure of the Middle East, stating, “As a major source of real estate capital, the Middle East is an exciting and dynamic place for us to be.” This sentiment reflects the region’s ongoing evolution as a leading player in finance, tourism, retail, and hospitality sectors.
Stefan Burch has also unpacked the growth potential in the GCC, highlighting the substantial international investments that have been drawn to the region. Its commitment to visionary urban planning and sustainable building initiatives enhances attractiveness for investors seeking long-term growth opportunities in real estate.
The Booming Commercial Property Sector
Recent research reports from entities like Savills, CBRE, and ValuStrat indicate a flourishing commercial property landscape in the GCC, particularly in hotspots such as Abu Dhabi, Dubai, and Saudi Arabia. With the highest occupancy levels globally and a continuous influx of investments, the region is rapidly emerging as a top-tier market for commercial real estate transactions.
Meet Stefan Burch
Stefan Burch brings a wealth of experience to Newmark, with a distinguished 20-year career in the real estate sector. His previous positions have provided him with firsthand insights into the industry’s rapid evolution, preparing him to help Newmark carve out a substantial presence in the region.
Prior to his role at Newmark, Burch was a partner and Head of Real Estate at Deloitte. His earlier tenure includes a decade at Knight Frank in the Middle East, where he successfully established and led the advisory business in Saudi Arabia and Bahrain. His career began at Cluttons in the UK before undertaking relocation to the Middle East, further enhancing his expertise in the real estate domain.
Burch’s specialization includes real estate development advisory, asset management, valuation, and services related to hospitality and leisure. His impressive portfolio includes work with public and private clients, from government-related entities to corporate developers.
Industry Sentiment and Future Aspirations
Industry leaders have lauded Burch’s capabilities, with John Busi describing him as “a masterful and experienced operator.” His hiring was viewed as the perfect trifecta for the firm: “right place, right time, and absolutely the right person,” Busi added.
Burch himself expressed enthusiasm about his new role, noting, “I am honored to be tasked with establishing our Dubai office and growing the firm’s Middle East capabilities. I look forward to supporting clients through Newmark’s best-in-class platform.”
As Newmark aims to deepen its roots in the Middle East, it sets its sights on capitalizing on the burgeoning opportunities within this dynamic market landscape.
