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Monday, September 20, 2010

Lesson for those who would Dubaify Barbados

"Dubai's central belief, summed up frequently as 'build it and they will come', has served it well in the past, however the policy crashed badly in the financial crisis leaving a landscape of half-finished skyscrapers...

A glut of vacant office space is continuing to spiral, despite the economic crisis, thanks to the forests of new tower blocks started by developers as the boom reached it peak in 2007, researchers said.

With some "holes in the ground" awaiting further development already being filled in, further radical solutions to the problem are needed, said the authors, researching for the property firm Jones Lang LaSalle.

"The best prospect for reducing vacancies lies with initiatives to limit future supply and encourage the withdrawal of existing buildings from stock through conversion to non-office buildings or even demolition," the report concludes..."

Read more: Dubai may have to knock down buildings constructed during boom - Telegraph

See also: Mullins Bay Blog: "This Is Monaco: Is This What We Want For Barbados?"

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