The vision of Business Bay is to be the Central Business District of Dubai. The master-developer, Dubai Properties, which is a part of Dubai Holding – sold plots to private investors and developers who in turn have developed and continue to build various types of projects.
Residential Buildings in Business Bay
As of Q4 2015, there are 28 ready apartment buildings/complexes in Business Bay, 10 of which are part of the Executive Towers. The Executive Towers is by far the most well known and popular residential development in the community and makes up for the majority of transaction activity in both the sale and rental market. The rest of the apartment buildings are scattered across the community and predominantly are located on the other side of the Canal which cuts through Business Bay. Most of the residential buildings in the community are developed by Dubai Properties, Deyaar and Damac.
Office Buildings in Business Bay
Most of the office buildings in Business Bay are Grade B quality. A major drawback of office supply in Business Bay and in the Dubai in general is the fact that they have STRATA ownership – which is a drawback for office buildings when viewed from global best practices. Most developers sell office space at the time of launching a project. Therefore, by the time a building is ready, there are hundreds of owners who have purchased various sizes of office space. These type of buildings are not attractive for big business, especially the International Corporations who look for larger spaces in quality buildings with well structured management in place.
The highest quality office buildings in Business Bay are considered to be the ones developed by Ominiyat (Bayswater, The One, Binary Tower). Other quality office buildings include The Oberoi, Bay Square, Vision Tower, The Bay Gate and Al Manara Tower.
As of Q4 2015, there are 39 ready buildings in Business Bay which have office space. There are another 12 office buildings which are under-construction.
Hospitality Market in Business Bay
The JW Marriott, The Oberoi and the Taj Hotel are the major hotels in Business Bay. There are also a handful of ready serviced hotel apartment projects that have recently been delivered, all by Damac Properties (Capital Bay, Vogue, Cour Jardin).
Since 2013, a number of hotel serviced apartment projects have been launched/re-launched in the community – there are at least 9 such projects currently under-construction (examples include the Atria by Deyaar, Park Lane, Damac Towers by Paramount, Lillian Towers, The Opus, Bay’s Edge, etc.
Source: Lookup.ae
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