Dubai’s financial and tech clusters rule the charts
Originally published in Gulf News (link below)
DIFC’s clout as Dubai’s eminent office address strengthens with Dh5b Emirates Towers business park
The timing of the Dh5 billion Emirates Tower Business Park project couldn’t have got any better. Occupancy levels in the adjoining DIFC cluster are running at near 100 per cent and, not just that, retain the costliest rentals in the city for office premises.
That, by extension, also means inbuilt demand possibilities for the Emirates Tower brand extension. “This is a huge positive for the market as the project will meet the increasing demand for Grade A office space through low- and high-rise office towers catering to a range of requirements,” said Faisal Durrani, Head of Research at Cluttons. “Dubai is moving rapidly from being a regional hub to a global one and the Emirates Towers Business Park is expected to compliment the DIFC, effectively expanding the city’s financial district and putting it on a path to rivalling The City in London, or New York’s Wall Street.”
On the demand side, the free zones continue to dominate in tapping tenant demand, especially among new entrants. “The persistent demand, predominantly from the ever expanding technology-media-telecoms sector has stoked upper limit rents,” states Cluttons’ new Dubai office realty update. In fact, top-end rents at the Internet City, Media City and Knowledge Park gained 5 per cent to Dh220 a square foot (including the service charges).