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For years, the area along Shaikh Zayed Road, between the Dubai World Trade Centre (DWTC) and Burj Khalifa, has been the most sought-after destination for prime office and commercial space. It is considered as Dubai's Central Business District (CBD).
The emergence of areas like Jumeirah Lakes Towers, Business Bay and other free zones ensured that the district had to face stiff competition to retain its pride of place.
But the delivery of the Dubai Trade Centre District (DTCD) is a new development which is expected to give a boost to commercial activities in this area.
DTCD is a 146,000 square-meter development between the current Dubai International Convention & Exhibition Centre and Emirates Towers. The project, to be completed next year, features an eight-storey office building and a hotel. The hotel, located at the heart of CBD, is expected to have 588 rooms and will cater mainly to business travelers.
The area is a favored location for the hospitality industry because of the popularity of the DWTC as a convention and exhibition venue. It hosted 373 Meetings, Incentive, Conferences and Exhibitions (MICE) and business events throughout 2013, considerably higher from the figure of 302 in 2012.
According to CBRE's recent report on market trends of commercial properties in Dubai during the second quarter of 2014, office rents in this area have witnessed a 25 per cent year-on-year rise. It is estimated that the annual rent of a prime office space in this area is around Dh1,884. According to experts, the rising business confidence in the UAE and the dearth of supply will force a further hike in the rents.
• The Dubai Trade Centre District features an office tower, hotel
• CBD office rents have witnessed a 25% year-on-year increase
• Area favored by hospitality sector for being an exhibition venue
Click on Al Majaz and Al Soor to find out the top office rentals in Sharjah
Source: S. Dhar, Special to Properties
The writer is a freelancer