Hot on the heals of the news that Cayan Business Center is preparing for handover at TECOM, comes word from developers Reef Real Estate Investment that its recently completed commercial offering is now awaiting occupants for this stunning Dubai property project. As detailed before in previous blogs, Dubai is currently suffering from a large lack of ready and completed freehold commercial property and office space which companies can use for their Dubai operations. Many projects have met with delay, and numerous planned off plan property projects have been canceled due to lack of credit availability.
This combined with experts is now reporting a very large switch in what type of property investors are seeking out is leading to increased demand and lowered supply in the marketplace. Short term speculative investors are now leaving the market with a much stronger interest from long term investors and end users. The results of this have seen ready completed and well located office space become even more highly thought after than previously.
Therefore completed freehold commercial Dubai properties coming to market at this time are much needed and as a result are very well taken in the Dubai real estate market, which makes the timing of Reef Commercial Tower's completion all the more better. Located at the already popular Jumeirah Lake Towers development, the G + 32 tower will provide a good range of commercial space plus some other luxuries that would not be expected. Included in this is a luxury spa run by world renovated spa management specialists WTS International.
Reef Commercial Tower should go some way to easing the lack of supply currently being witnessed in the commercial sector, but the sooner other similar projects at the likes of Business Bay and Jumeirah Lake Towers come to completion, the better. One benefit of this lack of available completed office space is that, so far at least, commercial property has avoided the large price drops seen in residential freehold property, and this is set to continue through 2009 according to predictions. So those looking for freehold office space would do well to make the jump into a well situated property like Reef Commercial Tower or another similar JLT property as soon as possible.