Dubai's new super-luxury office tower ICD-Brookfield at DIFC is winning tenants slow and steady
Dubai: ICD-Brookfield has had to ride Dubai's economic roller-coaster since opening the largest standalone office tower last September when the worst of the coronavirus outbreak appeared over.
More than half a year and another spike in infections later, regular office life remains a way off. Even without the pandemic casting a shadow over commercial real estate, the $1.5 billion high-rises arrived at a time when about a quarter of all offices stood vacant despite rentals dropping by over 35 percent in the past six years.
After initially halting lease negotiations, many multinationals are now coming back and looking to conclude deals, according to Rob Devereux, CEO of ICD-Brookfield. Seven firms finalized contracts in the first quarter of this year, following agreements with 11 companies including UBS Group AG in the previous three months. Julius Baer, Natixis, and EY signed before the tower opened.
Source: Gulf News