Tuesday, September 2, 2014

Asteco to lease premium office space in Al Saqr Business Tower

Asteco to lease premium office space in Al Saqr Business Tower

Al Saqr Property management appoints Asteco as sole agent for blue chip office space in rebranded business tower in prime Sheik Zayed Road location.  

Asteco one of the region’s leading real estate consultancy and property management firms, has been appointed the sole leasing agent for the Al Saqr Business Tower, situated in one of Dubai’s most prestigious and sought after business addresses.

Within walking distance of Dubai International Financial Centre and facing Sheikh Zayed Road, the 37-storey Al Saqr Business Tower, previously known as Al Attar Business Tower was recently acquired and rebranded by property developer Al Saqr Property Management.

Boasting 150 offices covering approximate total of 280,000 square feet, space ranging from 1,000 to over 9,600 square feet can be leased as customised individual units, or full floor options. Prices start from AED 135 per square foot which includes service charges and all utilities. The building also comprises of three executive floors which has its own dedicated VIP lift.

The business tower has built an enviable reputation over the years with corporate tenants and is currently home to, amongst others, Ernst and Young, British Airways, HSBC and Shakespeare & Co. Such is the popularity of the tower just five vacant offices remain, resulting in a 97.5% occupancy rate.

“The Al Saqr Business Tower is in a prime location close to DIFC and DWTC in the heart of Dubai’s financial and business district. Major corporate companies are drawn to the area especially listed companies and those that need to be close to the Dubai Financial Market. To accommodate ‘blue chips’ office space in Al Saqr is extremely well laid out, with quality fittings and commanding those all-important cityscape views,” said Sean McCauley, Director – Agency, Asteco Property Management.

The Al Saqr Business Tower underscores Asteco’s maturing partnership with Al Saqr Properties, having already been entrusted with sole agency status for the Sama Tower also located on Sheik Zayed Road. This property was completed in 2009, with Asteco successfully leasing since inception. 

“We have built an excellent reputation with owners, investors and development companies throughout the GCC, which has helped us secure leasing and management contracts for many high-profile developments, particularly in the UAE. Our relationship with Al Saqr Property Management is one of mutual respect and trust, built-up over the past five years – experience in a very young industry is the key to our ongoing success,” added McCauley.

Although office leasing in Dubai has seen relative stabilisation with overall market average rental rate increases of just 2% in Q2 compared with Q1 2014, an increase in enquiries and transactions is expected post summer as ongoing economic improvements and activity on the part of companies budgeting for the year ahead, and those expanding or relocating in the market, will all contribute to an increase in demand.

“We expect the main beneficiaries of this increase in demand to be the quality single-owned office buildings in prime business locations such as DIFC, Sheikh Zayed Road and Dubai Media & Internet City,” noted McCauley.

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Asteco, a major regional and international real estate services firm and the largest property services company in the United Arab Emirates, was founded in Dubai in 1985.  Asteco offers independent market analysis, design development consultancy and valuation services, sales and leasing services, as well as asset and property management services.

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