Aldar Properties PJSC (“Aldar”) reported today that it has a 97% occupancy rate across its key Grade A commercial properties, including its four buildings in the Abu Dhabi Global Market (ADGM), HQ, and International Tower, indicating strong demand for upscale office spaces in Abu Dhabi.
The occupancy rates at the towers of ADGM, the global financial hub on Al Maryah Island, are at 99%, up from 79% when Aldar purchased them in 2022. The Cleveland Clinic, PwC, Deloitte, Brevan Howard, Abu Dhabi National Oil Company (ADNOC), G42 Asset Management, and Abu Dhabi Commercial Bank are just a few of the illustrious businesses that call these buildings home and have an average lease term of more than four years.
The average occupancy rate of HQ and International Tower, two other Grade A commercial properties owned by Aldar, is currently 95%.
The Abu Dhabi office market experienced strong growth in the first half of 2023, with Grade A rentals rebounding to levels last seen in 2016. The office market is now performing well because to a stable economy and improving occupancy rates across premier commercial properties as a result of a tight supply of high-quality Grade A assets.
“Abu Dhabi’s commercial property market continues to perform strongly, bucking the global trend,” stated Jassem Saleh Busaibe, Chief Executive Officer at Aldar Investment. The occupancy rates in Aldar’s commercial property show how confident investors are in the emirate’s solid macroeconomic fundamentals and dependable regulatory environment. The city continues to be a desirable location for top global corporations to build their regional presence due to its favorable economic environment, and as a result, there is high demand for new constructions.
Aldar has teamed up with Mubadala to purchase Al Maryah Tower, another great commercial property on Al Maryah Island. Based on the strong demand pipeline, this property is anticipated to reach a pre-leasing occupancy rate of 50% by the end of this year and be a profitable investment.
Al Maqam Tower at ADGM recently became the first structure in Abu Dhabi to receive Smart Score Gold certification from Wired Score, a certification organization that honors the best-in-class smart structures that provide exceptional user experiences, cost effectiveness, meet high sustainability standards, and are future-ready. In addition, all four of Aldar’s towers at ADGM have received LEED Gold BD+C certification, a designation that is a benchmark for environmentally friendly and resource-efficient structures worldwide. Aldar intends to extend the Wired Score and Smart Score certifications to its other Grade A properties as part of its dedication to innovation and technology growth inside its properties.
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