Dubai Investments Park (DIP), the largest integrated commercial, industrial & residential community in the Middle East and wholly-owned by Dubai Investments PJSC, has leased over 950,000 square feet of warehousing facilities in the first six months of 2014.
This corresponds to 10.5% increase in warehousing leases between January and June 2014, compared to the corresponding period last year. Of these, 60% of new leases include readymade facilities for light and medium industries, while 20% were for logistics services and the rest for general storage & warehousing purposes.
In all, 86 new companies took up warehousing facilities in the first half of 2014, with a significant addition to tenants within the industrial and commercial zones.
Mr. Omar Al Mesmar, General Manager of DIP, said: “Even as the investor confidence grows across Dubai and U.A.E. amidst Expo 2020 bid win, we are geared up to continue our amazing growth in the leasing of warehouses, industrial logistics, light and medium industries and other commercial facilities. Businesses across the U.A.E. and beyond are looking for world-class facilities at strategic trade points across Dubai, and DIP offers this in unequalled measure.” He added: “The growth in warehouse leases reflect the burgeoning demand and upbeat business sentiment across the entire spectrum of economy. The economic activity in the past one year has already translated into rising levels of optimism and growth, offsetting the challenges in the real estate sector from the past.” All warehouses within DIP allocate a maximum of 10% of its built-up area for office space, thereby providing companies with the opportunity to have office and warehousing operations under one roof and efficiently manage their logistics needs. Many companies find this to be a major advantage since it optimizes the production to warehouse to retail outlet cycle.
Mr. Al Mesmar further said: “DIP is rapidly reaching full occupancy in Phase 8 and we are among the best-equipped mixed-use developments in the region with unmatched infrastructure. Our efforts are focused on consistent enhancement of the facilities in place, and we hope to deliver several many more milestones in the near future.”
Source : WAM News Agency for United Arab Emirates
