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Dubai is about to see its office space supply swelled dramatically as hundreds of thousands of square feet of commercial property comes on to the market.
Already overstocked on office space and with vacancy rates running at significantly high levels, Dubai will soon see the opening of 10 new buildings at a site close to its as-yet-unfinished Al Maktoum International Airport.
The office towers form part of the Dubai World Central development that lies on the western edge of the city. Its backers the The Dubai Aviation City Corporation recently signed up CB Richard Ellis (CBRE) to promote the offices to potential foreign investors as low-cost but high quality space.
Prices on office space in Dubai have slumped in recent years as demand declined in the wake of the global financial crisis but supply continued to pour on to the market.
The Dubai Aviation City Corporation’s chief operating officer Rashed Buqara’a said: “We are very pleased to announce the appointment of CB Richard Ellis as our global marketing and leasing agent, which we believe will support the ongoing growth of Dubai World Central as a rapidly growing fast-cycle logistics hub.”
Arranged in two clusters, the development comprises a total of 2.3 million square feet of leaseable office space in what is the largest city in the United Arab Emirates.
CBRE’s managing director in the Middle East Nicholas Maclean said: “The Al Maktoum International Airport development by DWC is further enhancing Dubai’s credentials as one of the leading logistics and transportation hubs in the world.”
Dubai’s office space is largely arranged into distinct sector-specific areas, with dozens of businesses from the technology, media, financial and energy industries well established in sites around the city.