Dubai's One Za'abeel Launches Luxury Office Tower With Dual Licensed Spaces

Dubai is set to enhance its position as a prime destination for global businesses with the opening of the super-premium office spaces in the One Za'abeel twin-tower development. This prestigious location joins the ranks of notable addresses such as ICD Brookfield in DIFC and the Uptown Tower in the expanded DMCC hub, offering leases of 5- or 6-years for blue-chip tenants.

The developer, Ithara, a part of the Investment Corporation of Dubai, is also catering to demand for shorter lease terms of 1- or 2-years. Henry Mathews, Leasing Director of One Za'abeel, highlighted the tailored approach for these durations, stating, "The longer duration leases will be on the shell-and-core basis, while on the shorter leases, we come up with the fit-outs and bespoke requirements of these tenants." Ithara plans to launch a 'white-label' solutions provider to support these custom needs.

Image Courtesy: onezaabeel.com

Located as the 'gateway to Dubai's Central Business District', One Za'abeel promises to be more than just an office space. Issam Galadari, Director of One Za'abeel Holdings, emphasized the importance of location in business success. The development offers an exclusive experience across 300,000 square feet of Gross Leasable Area (GLA), aiming to set a new standard in the office leasing market in Dubai.

Diverse Mix And Dual Licensing

One Za'abeel stands out not only for its office spaces but also for its mix of residences, two hotels, retail, and F&B options, creating a unique 'city within a city'. The office spaces, spread across 17 floors from the 5th to the 21st, are part of this larger ecosystem, offering an unparalleled working environment.

A distinct advantage for corporate tenants at One Za'abeel is the option of dual licensing, allowing businesses to operate under both DWTC free zone and mainland credentials. This flexibility is particularly advantageous for companies looking to expand their presence in Dubai's dynamic market.

Leasing Trends And Market Demand

The demand for Grade A office space in Dubai has seen a significant surge, driven by businesses seeking modern facilities and new entities establishing regional hubs or headquarters. Projects like ICD Brookfield and the Uptown Tower have already witnessed heavy leasing interest, indicating a strong market appetite for high-quality office environments.

While specific lease rates were not disclosed, current rates for premium office towers on Shaikh Zayed Road and DIFC range between Dh250-Dh350 per square foot. According to Mathews, the interest for longer leases at One Za'abeel has predominantly come from multinational corporations (MNCs), signalling the development's appeal to leading global businesses.

With the introduction of One Za'abeel, Dubai continues to solidify its reputation as a leading destination for international business, offering state-of-the-art office spaces that cater to the diverse needs of the global corporate community.