Arab Today, arab today dubai office space diced by strata titles
Last Updated : GMT 13:51:43
Arab Today, arab today
Arab Today, arab today

Dubai office space diced by strata titles

Arab Today, arab today

Arab Today, arab today Dubai office space diced by strata titles

Dubai - Arabstoday

Standard Chartered searched for more than two years for new headquarters in Dubai, where more than 40 per cent of the office properties sit empty. In the end, the UK\'s third-largest bank decided to build its own tower.Companies like Standard Chartered, which will occupy eight of the new structure\'s 13 floors, often have a hard time finding large blocks of office space because many buildings have numerous owners, according to Robin Pugh of Jones Lang LaSalle Inc. He assisted the bank in its search in 2008 and 2009.\"For large occupiers, it\'s actually quite difficult to find space under single ownership,\" said Pugh, head of agency work for the Chicago-based broker. Buildings with multiple landlords \"are not suitable.\"Dubai\'s landlords are trying to fill empty commercial space that\'s equal to about nine Empire State Buildings and rising. Most properties built over the next two years will be held under so-called strata title, where different investors own one or more floors. That will make it harder for renters to find large spaces with a single owner.Standard Chartered agreed with Gulf Resources Development and Investment LLC. to build a 13-storey tower near the Burj Khalifa, the world\'s tallest building. The bank committed to leasing eight of the floors for at least 15 years and will make a total investment of about Dh514 million.The company shunned the 30-storey Boulevard Plaza towers nearby because they have several owners, which would make modifying the space more difficult, Pugh said. Developer Emaar Properties PJSC, which built the towers, didn\'t respond to e- mailed questions about the number of owners.During Dubai\'s property boom from 2002 to mid-2008, developers sold sections of yet-to-be-built apartment and office buildings to investors who often resold them to turn a quick profit. Many office buyers had no experience of managing buildings or dealing with commercial clients and gave little thought to finding long-term tenants.Negotiations with multiple landlords tend to be long and frustrating, said Ian Albert, regional director at property broker Colliers International. Even when a majority of a building\'s owners agree on rents and terms, one will often hold out for a better deal, knowing that the tenant is eager to complete an agreement, he said.\"Corporate occupiers don\'t want to deal with multiple landlords,\" Albert said. \"It may have worked for residential towers, but the commercial market doesn\'t operate the same way.\" Companies needing more than 800 square metres (8,600 square feet) of space tend to steer clear of commercial buildings with strata titles, Albert said. That effectively rules out a large portion of Business Bay and Jumeirah Lakes Towers, leaving smaller businesses to pick up the slack.Most of the new office supply will be under strata title over the next two years. About 41 per cent of the 13.1 million square feet of space due to be completed this year will be held by multiple owners. That will soar to 81 per cent of the additional 12.7 million square feet to be completed in 2012, said Matthew Green, head of UAE research at CB Richard Ellis Group Inc. By the end of last year, 22 per cent of Dubai\'s 61 million square feet of commercial space was held by multiple owners.Strata titles were first introduced in Australia in 1961 to help manage apartment blocks owned by various landlords. They divide a building horizontally, creating layers of management for a mixed-use development, according to Ludmila Yamalova, a partner at law firm HPL Yamalova and Plewka JLT. From / Gulf News

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today dubai office space diced by strata titles Arab Today, arab today dubai office space diced by strata titles

 



Arab Today, arab today
Arab Today, arab today Kanye West puts hijab-wearing model

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: عقارات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 17:36 2017 Monday ,13 February

Designer prepares to present 2017 collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday