Dubai, How Bubble Created Unmanageable Commercial RE Ownership Stratas

The bubble attracted many smaller than usual investors, resulting in patchwork ownership of commercial real estate. And despite the equivalent of nine empire state buildings (and rising) in empty office space, larger companies BUILD if they want to expand in Dubai.

Diced Up Dubai Office Towers Frustrate Big Clients With Tangle of Owners

Negotiations with multiple landlords tend to be long and frustrating, said Ian Albert, regional director at property broker Colliers International. Even when a majority of a building’s owners agree on rents and terms, one will often hold out for a better deal, knowing that the tenant is eager to complete an agreement, he said.