Mubasher TV
Contact Us Advertising   العربية

Emirates Towers to revive Dubai’s commercial property market

Emirates Towers to revive Dubai’s commercial property market
Emirates Towers Business Park project is expected to be the most outstanding commercial development in Dubai over 10 years

Dubai – Mubasher:  Emirates Towers Business Park project is expected to be the “most outstanding” commercial development in Dubai over 10 years, says international property consultant Cluttons.

This project represents a distinction in the emirate following the slowdown in commercial real estate market over the past six months, the international firm said Wednesday.

Faisal Durrani, the head of research at Cluttons, said: "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.”

Emirates Towers is expected to complement the Dubai International Financial Centre (DIFC) “putting it on a path to rivalling The City in London, or New York’s Wall Street," Durrani added.

Meanwhile, Cluttons’ head of international corporate services Paula Walshe commented saying that "The depth of demand has resulted in the fast tracking of the 1 million square feet Innovation Hub, which is reportedly ahead of schedule and due to be completed by late 2018, or early 2019.”

Walshe noted that a major portion of the innovation hub “is likely to be pre-let, suggesting the upward pressure on rents here will persist."

Launched by the Dubai government, the AED 5 billion Emirates Towers Business Park project is slated for completion by 2021 as the DIFC seeks to implement ambitious plans to triple the project’s size by 2024.

Cluttons previously forecast a decrease in lease prices in Dubai averaging between 5% and 7%, along with the competitive real estate market.

JLL Mena previously reported that the prices of residential units will not witness any recovery before 2017 amid consecutive economic slowdown in Dubai.