Seven Tides reveals 11% rise in occupancy across Ibn Battuta offices

Property developer's occupancy rose over two years, while still maintaining yield at Ibn Battuta Gate offices

Occupancy levels have grown by 11% at Seven Tides' Ibn Battuta offices
Occupancy levels have grown by 11% at Seven Tides' Ibn Battuta offices

UAE-headquartered property developer, Seven Tides, has revealed an 11% increase in occupancy over the last two years, at its Ibn Battuta Gate Offices, despite unbalanced supply and demand dynamics, currently being witnessed across Dubai’s commercial real estate market.

Since 2017, the firm’s overall occupancy levels were running at up to 70% on average, but a decision was taken by Seven Tides to open up its office floors, offering space on request, which they said subsequently led to a constant flow of enquiries from Small and Medium Enterprises (SMEs).

Occupancy at the offices at Ibn Battuta Gate is now up to 81% out of a total of 467 units. Currently, 45% of the office space is leased by general trading companies, 15% by technical services and the remainder are occupied by companies operating in the educational, hospitality and tourism sectors.

Commenting on the occupancy rise, Seven Tides CEO Abdulla Bin Sulayem said: “The commercial rental market in Dubai has been somewhat subdued over the recent past due to an element of oversupply and difficult macroeconomic conditions. We decided that by simply discounting rate would only lead to a race to the bottom, so we looked at alternatives.”

Most popular


Deadline approaches for CW Oman Awards 2020 in Muscat
You have until 20 January to submit your nominations for the ninth edition of the


CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 765
Jun 29, 2020