DUBAI: ICD-Brookfield has had to ride Dubai’s economic roller-coaster since opening the largest standalone office tower in the city last September when the worst of the coronavirus outbreak appeared over.
More than half a year and another spike in infections later, regular office life remains a way off. Even without the pandemic casting a shadow over commercial real estate, the US$1.5bil (RM6.15bil) high-rise arrived at a time when about a quarter of all offices stood vacant despite rental prices dropping by over 35% in the past six years.