A newly built business complex in Dubai has enough capacity to meet commercial demand for the next “four to five” years, the head of the project has said.
Malek Al Malek, the CEO of Tecom Business Parks, made the claims after his company revealed plans to erect two further office blocks at its Dubai Media City complex.
The new buildings will see more than 255,000 square feet of new office space made available for the region’s businesses, zawya.com reports.
According to Mr Al Alek, this part of the project should be completed in 2015. He was quoted by thenational.ae as saying: “With more than 95 per cent occupancy, [the Butterfly] is mainly to address demand in Media City. The development began two months ago and will take 15 months for completion.”
The office structures are part of a Dh1 billion investment at the complex, with three more projects in the pipeline. Early next year, the Makateb office building and Publishing Pavilion will be joined by the Dubiotech Headquarters Building, which will provide 500,000 square feet of new space for firms in the energy and science sectors.
According to figures from property firm JLL, rents in the commercial areas operated by Tecom increased by 35 per cent last year. The next most profitable area, Sheikh Zayed Road, only saw growth of 27 per cent.
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