Dubai-listed business park operator TECOM Group is expanding its commercial real estate portfolio with an investment of AED 442 million ($120 million).
The company said on Monday it has just broken ground on the second phase of Innovation Hub, which features specialiised tech offices at Dubai Internet City, amid high demand for commercial space in Dubai.
“The ground-breaking signals the start of TECOM’s Innovation Hub Phase 2 at an investment of more than AED 440 million,” the company said.
The existing Innovation Hub Phase 1 is already approaching total capacity, housing global tech players like Google, Hewlett-Packard, Gartner and China Telecom.
With the new project, TECOM will add more than 355,000 square feet of space for technology, education and new media businesses.
The company said there is a strong demand for commercial real estate in Dubai, with citywide occupancy levels averaging 83%, the highest since 2014.