Elaine Jones, Managing Director of Asteco Property Management said," An example of this is Capricorn Tower which was completed in November 2003 and the office spaces were fully leased before the building completion because of the high demand for commercial leasing."
For Capricorn Tower itself, approximately 75,000 sq. ft. the offices have been leased by a mix of multinationals and leading U.A.E. companies and the majority of the tenants took entire floors.
Due to the shortage of commercial space, some of the existing prime commercial buildings are increasing rents as new companies are setting up especially after IMF meeting and settling down of hostilities in the region.
Not long ago, the market indicated an oversupply of office spaces on Sheikh Zayed Road but now there is a shortage of spaces not only in this area but in the majority of the free zone offices in DIC and DMC that where built in 2000 and have all been leased out.
Currently Asteco has limited prime office space available on Sheikh Zayed Road, about 20,000 sq ft per floor built to very high specifications with high end IT infrastructure and are expecting office spaces to be available next to Emirates Towers in the near future.
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Shortage of office space on Sheikh Zayed Road
- United Arab Emirates: Tuesday, May 11 - 2004 at 13:13
- PRESS RELEASE
Real estate specialists, Asteco Property Management today announced that the real estate industry is facing an acute shortage of commercial spaces on Sheikh Zayed Road because majority of the buildings are mostly residential, and the mixed use buildings have only about 20 per cent reserved as commercial space.
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Notes and media contacts
Issued by octOpus on behalf of ASTECO. For further information, please call Shereen Dury on 04 2868275 / 050 7690087ASTECO BACKGROUNDER
The UAE's largest property management company, Asteco, was formed in Dubai in 1985, with Elaine Jones as one of the Managing Partners. Over the years, Asteco has become synonymous with quality real estate development, through their involvement in many of the projects that have defined the landscape and physical infrastructure of the UAE.
Today Asteco is renowned throughout the region for its outstanding professionalism, service and an essential combination of local and international expertise.
Asteco is therefore the undisputed expert used by many of the region's top property owners, developers and businesses to fulfill their property requirements through the use of the latest on-line technologies to ensure that owners and tenants alike can access the information they want whenever they want it.
The Sales division of Asteco plays a key role in the implementation and execution of business strategies and developments, joint marketing with strategic partners and clients as well as identifying potential investors in the Middle East, Far East and Europe. Other than local properties, Asteco also carries an impressive portfolio of International properties in countries that include UK, Ireland, Malta, France, Australia and Spain.
They also provide professional financial advice, especially on the structure of prices on upcoming real estate projects and counselling of individual and institutional investors, whilst continuing to focus on client needs and long-term relationship building.
Asteco's outstanding growth and diversification over the last two decades has developed through a reputation for excellent customer service and local industry knowledge and experience.
To summarise, Asteco has taken a leading role in the Dubai & Abu Dhabi property scenes, from complete agency services for both leasing and sales, development advice, building management, valuations, marketing and feasibility studies for residential, commercial and retail developments.
Posted by Anne-Birte Stensgaard, Senior News EditorTuesday, May 11 - 2004 at 13:13 UAE local time (GMT+4)
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