Dubai attracts more and more global name companies into its tech zones with Dubai Media City rating among the most "expensive" tech districts in the world.
The creation of new small "niche" offices, as well as a steady demand for any large single-owned vacant Grade A office spaces allowed Dubai Media City to become one of the most expensive technological districs in the world.
At present, it is rated the 13th most expensive tech district globally with a maximum average rent of USD USD3.55 per square foot (psf) per year after such tech zones as New York’s Brooklyn, rated in the ninth place with USD55 psf, and South Lake Union area of Seattle, ranked 12th due to office rentals there standing at USD44 psf, according to the latest “Global Cities” report by consulting firm Knight Frank.
London’s Shoreditch area with its average office rent standing at USD90.75 psf was dubbed the most expensive tech park in the world. Much of its iconic status Shoreditch owes to Google and Twitter European headquarters located in the area.
And in Dubai, Media City is still the most prestigious and demanded tech district. The development of the industries related to social and digital media has increased the demand for commercial spaces rents in this cluster. Current office vacancy levels here are well below 5 per cent, if at all, sources add.
In June, the developer Sweid&Sweid announced that all leasable premises in The Edge, its new office building in the Internet City, were leased just 10 months after the project’s completion. This is here, where Dubai headquarters of such “big fish” as Snapchat, Oracle, and McGraw Hill offices are located.
Investors’ and tenants’ iterest in the Dubai Media City tech park is warmed up by the raising convenience of the larger
The success story of Media City is also being prepared for replication at the Production City zone (formerly known as