Aldar sets record occupancy for Grade A properties
Abu Dhabi property titan drives emirate’s office market to levels unheard-of since 2016
Aldar Properties has achieved a 97% occupancy rate across its prime Grade A commercial properties, signalling robust demand for premium office spaces in Abu Dhabi. Occupancy rates at the towers located at ADGM, the international financial centre on Al Maryah Island, stand at 99% compared to 79% when acquired by Aldar in 2022, the firm explained.
These towers now enjoy an average lease term of more than four years and host some of the world’s most prestigious companies, including PwC, Deloitte, Brevan Howard, Cleveland Clinic, Abu Dhabi National Oil Company (Adnoc), G42 Asset Management and Abu Dhabi Commercial Bank.
Aldar’s other Grade A commercial properties in Abu Dhabi, HQ and International Tower currently hold an average occupancy rate of 95%. During H1 2023, the office sector in Abu Dhabi enjoyed vibrant growth, with Grade A rents returning to levels last seen in 2016, the firm said.
The current performance of the office market is supported by a positive economic landscape, as demand for high-quality Grade A assets remains firm amidst limited supply, resulting in rising occupancy rates across prime commercial properties.
Aldar Investment CEO, Jassem Saleh Busaibe said, “Abu Dhabi’s commercial property market continues to perform strongly, bucking the global trend. The occupancy rates within Aldar’s commercial portfolio reflect the confidence of investors in the strong macro fundamentals and stable regulatory environment of the emirate. With a favourable business environment, the city continues to be an attractive destination for leading global corporates to establish their regional presence, and we are seeing this result in strong demand for future developments.”
Based on the healthy demand pipeline, Aldar recently partnered with Mubadala to acquire Al Maryah Tower, another prime commercial property located on Al Maryah Island, which is expected to achieve a pre-leasing occupancy rate of 50% by the end of this year and be operational in Q1 2024.
