*Business Bay likely to be a global business hub in future** * Dubai Real Estate News UAE Property Market Trends and Reviews <http://www.estatesdubai.com/> ** *Prices at Business Bay are likely to cross Dh.5000 per square foot mark from the present Dh.3500 to Dh.4000 per square foot during the coming months, predicts an industry expert.
The CEO of Aakar Developers, Yadvinder Singh, recently said that with Dubai drawing considerable attention from more businesses and people, a huge shortage of commercial properties are likely in future. Business Bay apart from being the only main business hub for Dubai, will rise to be a global hub for all businesses. Although commercial properties in localities such as the Dubai Media City, Dubai Internet City, Dubai Financial Center and TECOM continue to remain attractive, they come with certain limitations and are open only to few kinds of business activities. But properties at Business Bay are used to conduct all types of businesses, and hence there is a greater demand for commercial space at the Bay, which is likely to be the hub for every industry, he pointed out. According to Singh, the current price of Dh.4000 per square foot at Business Bay is comparatively cheaper than established international hubs such as New York, London, Singapore or Hong Kong. The prices here are soon likely to cross Dh.5000 per square foot mark, he said. Business Bay is an ideal location for all businesses based in Bur Dubai, Deira and adjacent areas who are seeking relocation of their businesses to Business Bay, due to its close proximity to Dubai Mall, Burj Dubai and DIFC. "The business-friendly Dubai continues to attract an increasing number of individuals and companies to its shores. Corporates are finding it difficult to establish offices here. Being a flourishing business hub, they require the best location for setting up an office, and Business Bay will be the next business hub not only for Dubai, but for the world. Owning an office at Business Bay would be prestigious" he added. Any new developer seeking to begin a project at Business Bay will have to think twice before investing, as a plot of land here will cost him thrice more than what he would have ideally paid two years ago. This coupled with mounting construction and labour costs will need a serious thought before embarking on a project under prevailing conditions, Singh said.* ** * Dubai's office occupancy rates strikes an all-time high at 98% Dubai has been the most-preferred choice for expanding international companies and major businesses, and this huge influx has led to a high demand for commercial real estate. The rate of office occupancies in Dubai has touched an all-time high of 98% to 99% with zero vacancy levels, reports 'Gowealty.com'. * * About more than 90% of Dubai's buildings have been kept aside for commercial utility purposes, most of which are either recently launched or are under construction, with most adopting 'strata' sales. * * The office lease charges have been the highest in Sheikh Zayed Road in Dubai, ranging US$1055 per square meter. This is followed by Deira with $825 per square meter. These figures have been arrived at, after compiling and analyzing statistics from landowners and tenants. On comparing the leasing or rental rates of 2007 with the prevailing rates, an increase in charges by more than 60% has been predicted for a newly leased out commercial space in Dubai for the year 2008-09. * * The parameters taken into consideration by investors and organizations are central location, large floor plates, technological connectivity, logistical connectivity, long-term leasing options and parking space. Customers prefer direct transactions with leaser and developer. The complexity of Dubai's multiple strata owners pose problems to those seeking to transact or interact with a single entity. * * Just as the case of any investment norms, developers in Dubai's major commercial properties pursue short-term gains and strata owners for immediate capital gains. * *Unlike residential complexes, the commercial properties require more parking amenities. With the Dubai realty market expected to stabilize by 2010, we foresee stabilization in the allocation of parking bays to commercial enterprises.* * Please ask for our commercial and residential availabilities at Business Bay.... & ....everywhere in Duabi and UAE* *Be smart ! Be with one step ahead !* *-- ANA CORINA IJADA INVESTMENT +971-50-9190597 +971-50-5881553 * --~--~---------~--~----~------------~-------~--~----~ Dubai Properties Group is managed by:Farzad Ghodsi / Senior Properies Counsultant.00971 50175 4384 You received this message because you are subscribed to the Google Groups "Dubai-properties" group. To post to this group, send email to Dubai-propertie@googlegroups.com To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/Dubai-propertie?hl=en -~----------~----~----~----~------~----~------~--~---
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