Etihad Towers sets pace in Abu Dhabi property market

The Etihad Towers is having a moment. Not only is it a star of the silver screen, featured in the hit movie Furious 7, it is now, in more down to earth matters, separating itself from the pack in the Abu Dhabi office market.

A report on Sunday from the property agents Cluttons noted that the top end of the office market is seeing increased gradation in prices per square metre (psm).

Cluttons said: “Average asking rates for Grade A office space in the capital remain stable in general at Dh1,850 psm (Q1 2015), however iconic schemes such as the World Trade Centre offices (Dh2,000 psm), Nation Tower (Dh2,000 psm) and International Tower (Dh2,050) continue to experience upward pressure on rents and in fact recorded rental growth of between 8 per cent to 13 per cent% during the final quarter of 2014, before stabilising during the first quarter of 2015.

“Etihad Towers (Dh2,250 psm) on the other hand continues to cement its position as the city’s super prime benchmark, with rents breaking away from the wider Grade A market, registering an 18 per cent increase in rents during Q4 2014, underscoring the desirability of this highly sought after scheme.”

Cluttons said Abu Dhabi’s push towards economic diversification is helping the emirate’s property market to grow, though the lower price of oil remains a challenge.

In Furious 7, Vin Diesel drives a US$3 million Lykan HyperSport, the first supercar to hail from the Middle East, from an upper floor of one of the Etihad Towers high-rise buildings and into another of the towers, landing safely.

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