‘New Dubai’ areas such as Media City and Tecom are witnessing a boom in commercial lease enquiries. According to industry experts, a new and positive trend is emerging in this sector, thanks to an influx of affordable and high quality office space. Areas like Tecom, home to The First Group’s signature Hotel Apartment developments, Metro Central and Grand Central, are proving a highly popular choice for office space.
The level of enquiries has increased since the second half of October, with many companies looking to upgrade to superior quality buildings in a low-rent environment. As well as the incentive of highly affordable rents in areas such as Tecom, businesses are benefitting from more flexible leasing terms of 3-5 years. Outside of Dubai International Financial Centre, Dubai Media City continues to be the preferred choice for non-financial companies, while Tecom is proving to be the newest player on the scene. With rents as affordable as Dh150 a square foot, the already bustling zone continues to fill up with new business.