Is demolishing Dubai’s office towers really the best solution?
By Annabel Kantaria Such is the oversupply of commercial property in Dubai that owners and developers should consider demolishing unused office buildings, said global property consultancy Jones Lang LaSalle (JLL) in a report out earlier this week. While 12 per cent of office buildings in Dubai’s busy financial district – one of the emirate’s most sought-after areas – and 38 per cent elsewhere, are currently empty, JLL estimates that, with even more office space projected to come onto the market this year, there will be a 50 per cent vacancy level within a year – and that’s the positive outlook. The problem should be tackled by ‘reducing future supply and encouraging the withdrawal of existing office buildings’, says JLL. It recommends options including demolition, “mothballing” – where work on unfinished buildings is stopped and they are sealed – or adapting the buildings for different uses, such as residential or hotels. Unfortunately, conversion to residential properties or hotels is
