Nearly 68 percent of the total pertain to existing sub-tenants, with a 26 percent rise in new sub-tenants
Dubai Investments PJSC has announced a 36 percent increase in sub-leasing contracts in is wholly owned subsidiary, Dubai Investment Park in the first nine months of 2017 compared to the previous year.
According to Dubai Investments, nearly 68 percent of contracts pertained to existing sub-tenants, with a 26 percent rise in new sub-tenants. Of these, 46 percent are in warehousing, 35 percent in staff accommodation, 14 percent in offices and 5 percent in ther commercial activity.
“The sharp increase in DIP sub-leasing in the first nine months of 2017 period reflects the surging optimism in the regional business environment, coupled with the growing reputation of DIP as the preferred business destination,” said Omar Al Mesmar, General Manager of DIP. “There has been a strong demand for warehouses in DIP, as a result of its proximity to the Expo 2020 site and Dubai South.”
DIP includes over 12,000 residential units, 90,000 residents, 20 million square feet of office space, 18 showrooms, six schools, five operational hotels, besides 20 residential buildings and a large of staff accommodation.
Al Mesmar added that DIP has consistently developed its road network [and] upgraded its infrastructure and facilities” which, in turn, has attracted new tenants.
DIP has spent over AED 4 billion ($1.08 billion) in enhancing and improving infrastructure to international standards, including 140-kilometres of internal road network as well as hospitals, educational institutions, hotel, retail outlets and supermarkets.