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PRESSR: Press release: “Aldar” records record occupancy rates across its portfolio of premium commercial properties in Abu Dhabi
Aldar’s portfolio of premium commercial properties in Abu Dhabi recorded an average occupancy rate of 97%.
- Al Mariah Tower is expected to record a pre-rental occupancy rate of up to 50% by the end of 2023, and will enter into operation in the first quarter of 2024.
- Al Maqam Commercial Tower, affiliated with Aldar Company, in Abu Dhabi Global Market, is the first building in the emirate to obtain the Gold Class “Smart Score” certificate from “Wired Score.”
Abu Dhabi, UAE: Aldar Properties PJSC (“Aldar”) announced today that it has recorded an occupancy rate of 97% within its portfolio of premium commercial properties, which includes four commercial towers in the Abu Dhabi Global Market, the HQ building and the International Tower. It indicates a strong and growing demand for premium office space in Abu Dhabi.
Occupancy rates in the four towers in Abu Dhabi Global Market, the international financial center on Al Maryah Island, reached 99%, up from 79%, which was the occupancy rate recorded when they were acquired by Aldar in 2022. These towers record an average leasing period of more than four years. For years, it includes a group of the most prominent international companies and brands, including PricewaterhouseCoopers, Deloitte, Brevan Howard, Cleveland Clinic, Abu Dhabi National Oil Company (ADNOC), G42 Asset Management and Abu Dhabi Commercial Bank.
Aldar's other premium commercial properties in Abu Dhabi, the HQ Building and the International Tower, also recorded an average occupancy rate of 95%.
During the first half of 2023, the office space sector in the Emirate of Abu Dhabi witnessed strong growth supported by the return of premium real estate rents to levels last recorded in 2016. The current performance in the office space market is supported by the positive economic scene, as demand for premium real estate assets remains. Premium category properties remained stable amid limited supply, which contributed to high occupancy rates across major commercial properties.
On this occasion, Jassim Saleh Busaiba, CEO of Aldar Investment Company, said: “The commercial real estate market in Abu Dhabi continues to achieve strong results, contrary to the prevailing trends in global markets. The occupancy rates in Aldar’s portfolio of commercial real estate assets also reflect investors’ confidence in the economic system.” "The strong and stable regulatory environment in Abu Dhabi. Thanks to the supportive business climate, the emirate continues to consolidate its position as an attractive destination for international companies looking to expand their regional presence, and this is clearly reflected in the strong demand for future development projects."
Based on this strong demand, Aldar recently collaborated with Mubadala to acquire Al Maryah Tower, a premium commercial tower on Al Maryah Island, which is expected to record a pre-leasing occupancy rate of 50% by the end of 2023, and to become operational. During the first quarter of 2024.
Al Maqam Tower, affiliated with Aldar in the Abu Dhabi Global Market, has become the first building in Abu Dhabi to obtain the Gold Class “Smart Score” certificate from Wired Score, which is considered an accreditation for the best smart buildings in its class, which provide an exceptional work environment and enhance Operating cost efficiency and ensuring the application of the best international sustainability standards to meet the needs of the future. Moreover, all four Aldar towers in Abu Dhabi Global Market have received LEED Gold Certification in Building Design and Construction (BD+C), which is a recognized global reference standard awarded to buildings designed in an environmentally conscious and resource-efficient manner. As part of its commitment to continue innovating and making technical advances across its real estate assets, Aldar intends to expand the scope of this certification to include its other premium-class buildings and towers.
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