Dubai-based real estate developer Sweid & Sweid, known for developing landmark projects such as the regional headquarters for Visa and Oracle, has announced the completion of its latest project, 6 Falak, with strong tenant demand for sustainable offices driving prelease commitments to over 90%.
The latest data from the Dubai Land Department shows a 34% increase in demand for office space in Dubai in 2023 compared to the previous year. Furthermore, forecasted economic growth in Dubai and ongoing initiatives to improve the ease of doing business are expected to contribute to continued growth in the city’s office market.
Sweid & Sweid’s 6 Falak
6 Falak, Sweid & Sweid’s latest Grade-A commercial property in Dubai Internet City, has garnered significant interest from multinational corporate tenants prior to completion, including Roland Berger, Merck Sharp & Dohme (MSD), and IFS. Demand was driven by the sustainability offering of the building, which was designed and built to LEED-Gold specifications, the US Green Building Councils’ rating system, viewed as the most respected industry standard globally. The project was repurposed from an abandoned, partially built structure, a sustainable development practice that significantly reduces carbon emissions and is relatively new to Dubai’s thriving real estate landscape.
Maher Sweid, Managing Partner Sweid & Sweid, commented: “Having developed commercial properties in the region since 2006, we are witnessing an increased trend of eco-conscious requirements emerging in Dubai. Tenants are now placing a greater emphasis on sustainable developments when seeking new office space, which is quickly becoming a key decision-making factor. Buildings that meet these requirements are leased faster and at higher rates.”
Comprised of three basements and a partially constructed first floor, the original structure was a skeletal frame with inefficiencies such as angled and irregular floor plates.
Through creative design and problem-solving, Sweid & Sweid transformed the structure into a modern space with all the Grade-A facilities and specifications required by a multinational clientele.
Spanning 102,000 square feet, 6 Falak offers various amenities, including a tranquil private garden and event space for exclusive tenant use, outdoor terraces on every floor, and a vibrant lobby featuring organic specialty coffee roasters, Boon Coffee.
tanvir@dubainewsweek.com
