Dubai’s premium office tower is filling up

ICD-Brookfield, the $1.5 billion high-rise standalone office tower that opened in Dubai last September at a time when about a quarter of all offices stood vacant despite rental prices dropping by over 35 per cent in the past six years. After initially halting lease negotiations, many multinationals are now coming back and looking to conclude deals, according to Rob Devereux, chief executive officer of ICD-Brookfield.

Seven firms finalised contracts in the first quarter of this year, following agreements with 11 companies including UBS Group AG in the previous three months. Julius Baer, Natixis and EY signed before the tower opened. The building’s occupancy rate is approaching 55 per cent in terms of signed leases, Devereux said.