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
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.”