$1.4bn project boosts Dubai commercial realty
01 August 2017
While Dubai’s commercial real estate market has experienced muted growth over the past six months, the recently-announced Emirates Towers Business Park (see Real Estate) is set to become the most defining commercial development in the emirate over 10 years, according to leading international real estate consultant Cluttons.
The development, which is set to help triple the size of the wider Dubai International Financial Centre (DIFC) by 2024, will provide a welcome source of relief to the dwindling supply of Grade A space in the area, stated Cluttons in its bi-annual Dubai Office Market Bulletin for Summer 2017.
Faisal Durrani, the head of research at Cluttons, said: “As we enter the second half of 2017, we are seeing new major projects being announced and launched in central Dubai such as the Dh5-billion ($1.36 billion) Emirates Tower Business Park project, which is located in close proximity to Dubai’s financial district.”
“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 towers catering to a range of requirements,” he added.
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