Dubai to Build Three Office Towers, Sidestepping Global Slump.

COMMERCIAL real estate; OFFICE buildings; REAL estate sales; OFFICE occupancy; OFFICES

Dubai is constructing three new office towers in its financial district, despite a global slump in commercial property occupancy rates. The DIFC Square development will span 1 million square feet, with 60% dedicated to office space. The project, costing $270 million, is expected to be completed in the first quarter of 2026. Dubai's commercial real estate market has rebounded due to an influx of businesses attracted by reforms that make it easier for expatriates to work and live in the country, as well as a tax-free environment and a favorable timezone for trading. The Dubai International Financial Centre has seen a rise in asset management, insurance firms, and hedge funds, with a 34% increase in registered entities in 2023. The DIFC plans to launch another mixed-use development, including residential and retail spaces, in the near future. [Extracted from the article]

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