Jumeirah Business Centre 3 (JBC3), a recently completed 39-storey commercial tower, is an example of the success story of JLT in the past six months. JBC3 has attracted a number of international corporate tenants and this underlines the current appetite for JLT Free Zone as a leading location for new business formation in Dubai.
Cluttons has noticed a significant shift in rental confidence towards the JLT Free Zone in recent months, noting that it has now become the fastest growing free zone in the UAE. To date, reports show 55,000 people are living and working within the development. Last year was a successful year for JLT Free Zone, with 2033 new company registrations, a 33% increase on the year before, with the majority coming from Asia, Australia and Europe.
Cluttons ascribes this growing appetite to a number of key advantages. JLT Free Zone offers quality mixed-use freehold space, offering commercial, residential and retail property for sale and lease, with a wide variety of prices. The major advantage is JLT Free Zone’s strategic location on the Sheikh Zayed Road, connecting Abu Dhabi and Dubai. Access to Dubai’s metro also provides short commutes to Dubai International Airport and other business hubs.
Cluttons has a long-standing relationship with JBC Properties, and has recently worked with the leading commercial real estate developer, which launched JBC3 and specialises in JLT commercial properties. JBC Property’s Jumeirah Business Centre also boasts some of the best views in JLT Free Zone, including two world class golf courses, The Montgomerie and The Emirates, the Marina and the city.
Paula Walshe, head of commercial at Cluttons in Abu Dhabi said: “We are pleased to see a revival of JLT Free Zone, which is attracting international-grade tenants due to its ability to offer high quality space in a very strategic location.”
The CEO of JBC Properties, His Highness Sheikh Maktoum Hasher Al Maktoum says: “We have developed a unique product that is a cut above the rest especially in quality and value. Being a single landlord tower is one of our stronger points.”