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FINANCIAL NEWS
Dubai’s JBR plans to refashion retail spaces into offices
23 Nov 2011
(MENAFN) Jumeirah Beach Residence (JBR) unveiled plans to convert a number of retail outlets in its plaza level into office spaces, Arabian Business reported.
JBR became a popular expatriate destination on its completion in 2007. It faces 1.7km of beach that features a string of luxury hotels, popular eateries and retail outlets.
However this was not translated to those on the development’s plaza level, where a significant number of retail units stand empty.
Dubai Properties Group (DPG), the developer of the complex, may face stiff competition to attract commercial tenants because of oversupplied office space across Dubai.
According to Jones Lang LaSalle, Dubai has empty office space equal to about nine Empire State buildings, in addition to 13.1m sq ft of office space due to be completed this year.
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