Dubai to Build Three Office Towers, Sidestepping Global Slump
- Financial district to add 600,000 square feet of office space
- Dubai’s so far bucked the global commercial real estate slump
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Dubai is building three new office towers in the heart of its financial district, expanding to catch up with rising demand in stark contrast to slumping occupancy rates for commercial property in cities around the world.
DIFC Square will be built within the Dubai International Financial Centre and span 1 million square feet — 60% of which will be dedicated to office space, according to the government communications office. The towers will feature 17,200 square feet of retail space and restaurants, and cost about $270 million to build, DIFC Governor Essa Kazim said in a phone interview.