Dubai Offices Vacant With Multiple Owners Structure - Bloomberg:
The Index tower on Dubai’s answer to Wall Street has 23 floors of empty offices out of the 25 it opened in 2011. A few hundred feet away, buildings controlled by the Dubai International Financial Centre are almost full.
The difference is ownership. The office space in the Index on Sheikh Zayed Road was sold in pieces to nine different investors under a system known as strata title, according to developer Union Properties PJSC (UPP), meaning potential tenants face the prospect of having multiple landlords. The DIFC buildings have one owner, making it easier to lease large amounts of space to individual companies."
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