Abu Dhabi-based real estate developer Aldar Properties has announced high occupancy rates across its prime grade A commercial properties.

The developer’s towers in Abu Dhabi Global Market (ADGM) – Al-Sila, Al-Sarab, Al-Maqam and Al-Khatem – have achieved an occupancy rate of 97 per cent.

For Aldar’s HQ and International Tower in Abu Dhabi, the average occupancy rate is 95 per cent.

“Abu Dhabi’s commercial property market continues to perform strongly,” said Aldar Investment CEO, Jassem Saleh Busaibe.

“The occupancy rates within Aldar’s commercial portfolio reflect investor confidence in strong macro fundamentals and the stable regulatory environment of the emirate.”

Also read: UAE real estate makes steady progress

The rental performance in Abu Dhabi’s office sector is experiencing an upward trend, according to the latest report by property consultant CBRE.

Average prime, grade A and grade B rents rose by 19.1 per cent, 8.8 per cent and 10.7 per cent, respectively, year-on-year to the first quarter of 2023.

“Demand for high-quality grade A assets remains firm amidst limited supply, resulting in rising occupancy rates across prime commercial properties,” said Busaibe.

“The office sector in Abu Dhabi enjoyed robust growth, with grade A rents returning to levels last seen in 2016.”

Aldar Properties acquired Al-Maryah Tower at ADGM in partnership with Mubadala Investment Company in July 2022.

Located on Al-Maryah Island, the prime grade A commercial tower is expected to achieve a pre-leasing occupancy rate of 50 per cent by the end of 2023.

The commercial property will be operational in early 2024.