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Dubai?s biggest business park is increasing rents by as much as 43 per cent in a move that could hit hundreds of tenants.
Tecom, which operates Dubai Internet City, Dubai Media City and Dubai Knowledge Village has raised rents and service charges across the three sites.
?As we operate in a dynamic industry, it is important for us to adapt to the changing needs and requirements of the market,? TECOM Investments Management said in a statement. ?As part of a periodic review of the prevailing market requirements and in order for us to continue enhancing our products and services, a pricing adjustment in service charges and rents has been concluded.?
They beat rises at DIFC (11 per cent), Burj Downtown (14 per cent), Sheikh Zayed Road (27 per cent) and Business Bay (21 per cent).
It said previous rents ranged between Dh108 and Dh135 per sq ft. The new rents are for Dh155 per sq ft.
At the same time service charges have also been increased by 20 per cent to Dh30 per sq ft.