Final building in DIFC's gate village to complete by 2018

The $49m (AED180m) Gate 11 building, the final building within Dubai International Financial District’s (DIFC) Gate Village office district, will be completed by Q1 2018.

Structural works for the projects are almost complete and occupancy is said to be looking “promising” with more than 50% already leased, according to Nabil AlKindi, DIFC’s Chief Real Estate Officer, DIFC.

The nine-storey building will be provide additional office space to the district, which has reported a more than 99% occupancy rate this year.

“In terms of occupancy, we are doing very well, we are more than 99% occupied and our rental rates are good,” he said.

Around 20% of DIFC’s gross floor area (GFA) has yet to be developed with an additional $2m (AED7.5m) to be invested in construction over the next seven years.

DIFC’s master plan is scheduled to be finalised by 2024 and is currently on track with more project announcements planned in the coming year.