AED 20.2 Million deal signed for Zaha Hadid in Business Bay, Dubai. The Opus is a commercial business tower in the district of Business Bay which was designed by a renowned architect, Zaha Hadid before her demise in 2016. According to an announcement on Monday i.e. September 23rd, 2024 made by Bayti, a real estate company in Dubai, the deal was closed for Dh7,040.00 per square foot, or Dh20.26 million.
The statement released by Bayti clearly indicates that, this sale clearly represents the highest value per square foot of any transaction, recorded by the Dubai Land Department (DLD). Some of the notable projects by the Zaha Hadid are Dubai Opera, Deutsche Guggenheim in Berlin, Germany, and Sheikh Zayed Bridge in Abu Dhabi.
“This transaction reflects the ongoing positive trend in property demand across Dubai, the UAE, and the rest of the region. We see a significant shift in how businesses approach their office requirements,” said the CEO of Bayti Real Estate, Tariq Williams.
“With increasing demand for flexible, fully serviced offices in prime locations, companies prioritize spaces that can accommodate hybrid work models and offer collaborative environments. High-end, move-in-ready spaces in premium locations such as Business Bay, Downtown Dubai, and DIFC are in particularly high demand,” he further added.
According to Tariq Williams, Prime locations in Dubai are very few due to short supply and high demand, and companies are looking for most sought-after locations to meet their changing needs.
Furthermore, Dubai’s office market has responded with rising occupancy rates, which went from 90.1% in Q1 2023 to 91.3 % in Q1 2024, according to the most recent report from CBRE (Coldwell Banker Richard Ellis).
“This demand for flexibility and high-quality office environments is driving competitive bidding for Grade A spaces, with businesses keen to secure prime locations that offer both functionality and prestige,” Williams further added.
Source: Gulfnews
