– Trade Center Office Trends
Trade Center currently comprises nearly one-tenth of all completed office GLA space in Dubai. As a result, the newly announced changes in the law that allow property owners on Sheikh Zayed Road to convert their ownership to freehold status affects a significant portion of Dubai’s office market. Looking at the price trends do Trade Center going as far back as 2008, it is easy to see why policy initiatives that aim to increase property value and rent prices have been prioritized, as prices took a significant nosedive after 2008 and have failed to return to their pre-2009 levels.
– International Comparisons
There are many examples from major international cities around the world where rezoning has led to improvements in both property value as well as property quality. Take, for example, Hudson Yards in New York, which has seen significant commercial investment from major corporations since its rezoning project was approved. Furthermore, its offices are able to command higher rents than other offices in Midtown Manhattan (which is where Hudson Yards is located).