Over the next decade, commercial real estate will become an established part of the investment portfolios of the ultra-high net worth individuals (UHNWI) from the Middle East and North Africa (MENA), Knight Frank's 2016 Attitude Survey reveals.

According to the survey, as reported by CPI Financial, allocation to offices rose to 53 percent between 2015 and 2025, up from 41 percent between 2005 and 2015. In addition, 32 percent of respondents said they would invest in assets such as warehousing and logistics which are expected to be key elements in the real estate portfolio of the UHNWI in the next 10 years.

"Despite the recent decline in oil prices and the slowdown in global trade and commercial volumes, UHNWI's are committed to the growth of businesses and the industrial, logistics and transport sectors over the next decade," said Dana Salbak, Head of MENA Research at Knight Frank. "While residential property was historically seen as a secure form of investment, the volatility of the asset class has made the commercial sector more appealing as its value extends beyond the ability to produce income."

Most investment are focused in major cities such as London, New York, Sydney and Paris because of the availability of diverse investment products here that a wide range of investors can choose from. Likewise, there is also a high level of transparency diverse expertise across these markets that can help bridge the gap in investors' knowledge, Salbak explained.

Khaleej Times reported that retail is the most popular commercial real estate sector among HNWI, according to Cluttons' 2016 Middle East Private Capital Survey. They also prefer offices as investment assets, with 22 percent of UAE HNWI saying these are their choice. Respondents of the survey have identified that their top three investment destinations within the GCC are Dubai, Abu Dhabi and Sharjah.