Business Bay offering 4.2m sq ft Commercial Space

Dubai Properties said its master development Business Bay would offer more than 4.2 million sq ft by 2010.

Between 2007 and 2010, Dubai Properties expects to deliver seven commercial projects including the Vision Tower, Aspect Tower, Porsche Design Towers, Signature Towers and several other mixed use buildings within commercial developments that will be announced in the coming few months.

Business Bay business development director Shahab Lutfi said: “The excellent economic growth experienced by the GCC market in the past two years has led to a higher demand for office space, particularly from businesses attracted by Dubai’s productive and highly liquid market, and small and medium sized companies on the threshold of expansion.

“While supply is increasing, it is not increasing fast enough to meet the demand. Consequently, the cost of leasing office space has increased substantially in the past two years in particular.

“This has forced some companies to look elsewhere for office accommodation, either in other emirates or other commercial centres in the region.”
Lutfi said it is important that Business Bay ensures quick market entry by speed of delivery of new projects to match market demand and expectation.

According to recent surveys, there is currently 14 million sq ft of commercial office space in Dubai, and a further 26 million sq ft is expected to enter the market through various projects in the pipeline, including Business Bay.
Business Bay is a master development by Dubai Properties located between Sheikh Zayed Road and Al Khail Road. Business Bay offers waterfront high-rise towers, both commercial and residential, along the extension of the Creek.
It is being developed along the lines of Manhattan of New York or the Ginza of Tokyo, to provide the best possible commercial environment to world-class companies, investors and businesses.

Dubai Properties is a member of Dubai Holding and operates with the express aim of conceiving unique communities that add value for the customer and contribute towards the growth of Dubai.
The portfolio of projects handled by Dubai Properties is diverse and represents the highest quality of real estate in the region.
Dubai Properties offers mixed-use master developments catering to diverse lifestyles including Jumeirah Beach Residence, Business Bay, The Villa, Culture Village, Tijara Town, and Mudon. Dubai Properties also offers premium retail opportunities with The Walk at JBR and Bay Avenue at Business Bay.
Offering a unique lifestyle, Business Bay is a mixed-use freehold development in the heart of Dubai, featuring a place for people to work, enjoy and live an enviable lifestyle.

Valued at Dh110 billion, Business Bay covers an area of 64 million square feet. Developed along the lines of Manhattan of New York or the Ginza of Tokyo, Business Bay will provide the best possible commercial environment to regional and international companies, investors and multinational businesses.
Located between Ras Al Khor and Sheikh Zayed Road, this freehold master development covers an area of 80 million square feet.

Business Bay will offer world-class infrastructure, design, urban planning, architecture and perfect environmental balance.
It is one of the few developments that offer freehold office towers at the emerging centre of Dubai's new business district along the new creek.(TradeArabia News Service)