The UAE master developer, REEF Real Estate Investments has launched R-Serviced offices in Crystal Towers in Business Bay. These R-services offices are ready-to-use offices and are ideal for small and medium sized enterprises (SMEs).
These offices house the world's leading oil and gas corporations and blue chip entities of the world, including OMV, Lukoil, and Weatherford’s.
The Managing Director of Reef Real Estate Investments and Chairman of R-Serviced Offices, Shaikh Ahmad Mohammad Zayed Saqer Al Nahyan, said that few commercial addresses are more prestigious than Crystal Towers, and he expressed optimism over these new additions to the portfolio of Middle East.
The Chief Executive of R-Offices, Ian Llyod, said that it is all about working smarter through leveraged office space designs that focus on latest innovations, while also serving the needs of corporate world.
The international business community responded well to the first location of Reef Tower in the DMCC Free Zone, and the same positive reaction is expected in Business Bay too, he said.
R-Offices were first launched in August 2009 with just a single storey of serviced office space. Now, this spans across 13 floors. But, with tenants constantly competing for space, rents may be tempered owing to recession, and the incentives for tenants may recede significantly.
Just as is the case with all R-Serviced Office suites, each office at Crystal Towers is fully furnished at competitive monthly rate. The offices can be rented on short-term or long-term basis with flexible leasing terms and pricing.
According to Shaikh Ahmed, several of the new supplies have been already absorbed without any major impact on leasing rates. The future office supply in Dubai will be less than 30 percent of that anticipated from 2011 to 2013, owing to governmental initiatives to control oversupply.
Dubai witnessed addition of at least 15 million square feet of office space in 2010, which led to total of 48mn square feet of office space in Dubai. An additional 12mn square feet of commercial space was projected for 2011, taking the total vacancy levels to nearly 40 percent. However, despite the new supply, the market showed considerable resilience.