Aldar Properties has started marketing Trust Tower, a centrepiece of the redeveloped downtown business district in Abu Dhabi.
In the heart of downtown Abu Dhabi an office goes up, and up, and up
Aldar Properties has started marketing space in Trust Tower, one of the largest office towers in Abu Dhabi and a centrepiece in plans to maintain downtown as the capital's primary central business district.
The 59-storey Trust Tower, part of the Central Market complex, is competing with new developments around the capital, including Sowwah Island and the Capital Centre, next to the Abu Dhabi National Exhibition Centre.
"Downtown is still attractive to many companies," said Rami Nasser, director of sales and commercial leasing for Aldar. "They still want to be downtown for the proximity to government buildings and the proximity to residential areas."
But Trust is entering a competitive market. Overall office rents in Abu Dhabi fell 29 per cent in the first quarter compared to the same period a year earlier as more office projects were built, according to Cushman & Wakefield data.
The volume of available office space in Abu Dhabi is expected to grow by 50 per cent in the next two years, with more than 1 million sq metres scheduled to come on line.
Most of the new space is outside the downtown area, which is going through a redevelopment effort.
"The Municipality wants to make sure central Abu Dhabi doesn't become a ghetto," said Rupert Bowen-Jones, senior surveyor for CB Richard Ellis, the consultancy. "They see other areas as a compliment to downtown."
The 59-storey Trust Tower, designed by Foster & Partners, offers 72,000 sq metres of office space. The Central Market complex includes the souq, which is already open; the Domain, a 474-unit residential tower; and two hotels.
Trust is expected to open for business in the second quarter of next year, with the Domain scheduled to finish by the end of 2012.