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DIFC Offers Attractive Rates for Commercial Space
DUBAI — Commercial rental rates at the Dubai International Finance Centre, are faring better than many other business locations in the emirate, as the centre is well placed to withstand the economic downturn, according to CB Richard Ellis, a global property consultancy firm.
Though the financial centre, also known as DIFC, has not been left unaffected by the global financial crisis, it is still maintaining its status as one of Dubai’s prime office developments.
Quoting rents for space had reached as high as Dh750 per square feet before falling away over the last two quarters. Space is now available for Dh450 per square feet direct from the DIFC, although some private landlords are offering further reduced rates.
“The DIFC is in a prime location, has better facilities and high-quality office space, which generates considerable demand. This was made apparent by the lengthy waiting list for space in 2008 and the consistent level of demand that has been seen since opening in 2004,” Mat Green, Associate Director, Research for CB Richard Ellis, said.
Many international corporations have set up their regional office bases at the DIFC over recent years, creating a high-quality tenant mix. DIFC currently boasts numerous retail options including, boutique stores, art galleries, and a wide variety of quality food and beverage outlets.
Additional developments at the DIFC are set to be completed this year, including the Currency House and The Index, with morer projects to come online, depending on market conditions. These will include the environment-friendly development The Lighthouse, as well as The Buildings by Daman and Emirates Financial Towers.
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