Editorial Mar ‘10

Hot property

We may look back and view the theatrical opening of Dubai’s Burj Khalifa tower as a signal of the end of the Great Recession.

It coincided with the publication of reports citing increased global activity in Q4 2009, as well as early (if vague) indicators of transaction volume increases in certain sectors.

The construction of the tower was itself a dizzy-making US$1.6bn product of the pre-recession boom – a triumph of architecture and engineering at the heart of the property world’s grandest experiment of the previous decade.

Of course, that was back in January.

The fireworks may have been welcomed by those Dubai professionals who have had little reason to celebrate of late, as were the tall tales of 100% sales, fed to an international property press eager to add detail to the opaque story of the Emirates’ bail-out.

But who is going to occupy the 550,000 sq m available in the world’s tallest building? Not to mention the other 229 towers originally planned for development in its immediate Business Bay environs.

From worrying about occupancy levels to ensuring and increasing operational efficiencies – which includes keeping 24,000 windows clean (to get an idea of the challenge, click here) – the tower represents one of the planet’s greatest property and facilities management challenges ever.

If the tower can be made to work, particularly now as markets remain so stifled by the lack of finance, then Dubai owes a debt of credit, not only to its rich cousin but also to RICS members. That’s why this month we focus on the key discipline of property and facilities management.

In this issue, alongside the latest RICS news and reports, we explore how the modern facilities and property manager adds value to the property chain, we examine measures for safeguarding development sites from crime, unpick the admin clauses when notice is served, and examine the latest findings in this year’s RICS European Housing Review.

For what it’s worth, at the time of writing there were 27 Dubai-based roles advertised 
on www.ricsrecruit.com, a significant increase on the mere 10 advertisements at the very 
start of the year. The Emirate may have lost its sheen but opportunities for property professionals remain.

Duncan Johnson, Editor