Figures in this article are indicative market ranges and worked examples, not quotes or guarantees. Ask us for current numbers for a specific building.
Walk the corridors of any Business Bay tower and you will find two markets in one building: raw concrete shell & core units, and fully fitted offices commanding premium rents next door. The price gap between them is the single most important number in Dubai commercial property investing.
The definitions
Shell & core means the developer delivered the structural box: concrete floors, capped utilities, no ceiling, no AC distribution, no partitions, often no flooring. Fitted (or Cat-A/Cat-B) means the unit is ready for occupation: flooring, suspended ceilings, lighting, AC ducting, pantry, and usually partitioned offices.
The price spread
Shell & core units typically trade 20–35% below comparable fitted units in the same tower. Sellers struggle to move them: end-users cannot occupy them, financing is harder, and they photograph terribly on listing portals. That illiquidity is exactly where the opportunity lives.
What fit-out actually costs
- Basic Cat-A fit-out: AED 120–180 per sq ft (ceiling, AC, lighting, flooring)
- Premium fit-out: AED 250–450 per sq ft (design-led finishes, glass partitions, branded reception)
- Approvals: building management NOC, Dubai Civil Defence (fire) approval, and final inspections — typically 4–10 weeks alongside the build
The arbitrage: buy a 2,000 sq ft shell at a 30% discount, invest ~AED 300/sq ft in a premium fit-out, and the completed unit is typically worth more than the combined cost — while renting at top-quartile rates. This is the engine of our 6-step strategy.
So which should you buy?
Buy fitted if you want immediate income with zero project risk, or if you lack renovation experience — a tenanted fitted unit is the simplest yield play in Dubai. Buy shell & core only if you can execute a fit-out professionally: manage contractors, navigate DCD approvals, and design for what tenants actually pay for. Done well, it is the higher-return route; done badly, cost overruns erase the discount.
The third option: co-invest with an operator who does this professionally. We buy the shell, run the renovation, lease to premium tenants, and you co-own the result — here is exactly how that works. And if you own a shell & core unit you would rather exit, we buy them in any condition.