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The Almas tower stands above other skyscrapers at the Jumeirah Lake Towers development in Dubai. (Bloomberg) |
In Dubai, where almost half of the offices sit empty, the head of a state-owned business zone says there’s room to build the world’s tallest office tower.
Ahmed Bin Sulayem, chairman of the Dubai Multi Commodities Centre, said the Persian Gulf business hub can still attract tenants and investors with such a project because many of its buildings are unsuitable for large businesses. Bin Sulayem helped lead the development of the DMCC’s 68-story Almas Tower, Dubai’s tallest building when it was completed in 2007. The tower’s full and has a waiting list for tenants, he said.
“The crisis has shown us that well-designed and thought out developments will always hold value and demand,” Bin Sulayem, 35, said in an interview in the Almas tower. “We will be running out of space and the world’s tallest commercial tower will help attract more companies.”
Dubai’s speculation-driven property boom saddled the Persian Gulf sheikhdom with thousands of offices that are unattractive to businesses because of their design, location or ownership. Companies looking for at least 5,000 square meters are frequently unable to find what they want and are increasingly looking for “built-to-suit” deals, broker Jones Lang LaSalle Inc. said in an April 14 report. About 45 percent of the city’s offices are empty, according to CBRE Group Inc., another broker. (Bloomberg)
