ONYX TOWER 1

OVERVIEW

Onyx Tower 1 is a 14-storey Class A commercial office building developed by Ishraqah, located beside Emaar Business Park in the Al Barsha Heights and The Greens cluster. It forms part of the Onyx by Ishraqah complex — a three-tower freehold development comprising Onyx Tower 1 (commercial), Onyx Tower 2 (mixed-use), and Zabeel House by Jumeirah (hotel) — interconnected via a shared two-level podium with retail outlets and F&B options. All 168 units are freehold. The complex's hospitality integration through Zabeel House by Jumeirah brings a hotel-grade amenity standard to the commercial floors, distinguishing the Onyx complex from standard TECOM strata office buildings.

OFFICE STOCK AND TENANT PROFILE

Onyx Tower 1 contains 168 Class A offices across 14 floors, with 14 units per floor from the 3rd to the 14th level. Units range from approximately 800 to 2,700 square feet, catering to small-to-medium businesses, regional offices, and professional services firms seeking a premium Sheikh Zayed Road-adjacent address with hospitality-backed amenities. The freehold format has attracted a diverse mix of owner-occupiers and investors. Tenants benefit from the building's position adjacent to the Dubai Internet City and Dubai Media City ecosystems, with TECOM free zone licensing eligibility supporting occupiers in technology, media, and professional services sectors.

RENTAL MARKET

Rental prices have been recorded from approximately AED 67,000 per annum for units around 1,038 square feet to AED 200,000 per annum for shell and core units above 2,000 square feet. Combined contiguous offices spanning 9,000 to 11,000 square feet are available at approximately AED 1.2 million per annum. Service charges are published by the Dubai Land Department at approximately AED 11.34 per square foot annually inclusive of utilities surcharges — a materially higher total occupancy cost than older TECOM freehold building. Occupiers should assess the all-in cost carefully when benchmarking against lower-charge alternatives.

SALES MARKET

Sale prices range from approximately AED 979,000 for an 809 square foot unit to AED 2.2 million for a fitted 1,038 square foot office. The freehold structure enables direct ownership for owner-occupiers and investors. Units are available through registered brokers on both lease and sale terms. The service charge of approximately AED 11.34 per square foot inclusive of utilities is above the Al Barsha Heights freehold average and affects net yield calculations; investors should model the all-in cost before committing to any acquisition in the building.

LOCATION AND ACCESS

Onyx Tower 1 is located on Sheikh Zayed Road (E11) beside Emaar Business Park, with direct highway access and strong visibility from the main arterial road. Dubai Internet City Metro Station on the Red Line is approximately a 7-minute drive, with feeder bus routes serving The Greens terminus nearby. The building sits at the border of The Greens and Al Barsha Heights, within 10 to 15 minutes' drive of Dubai Internet City and Dubai Media City. The Sheikh Zayed Road position provides superior road access and building visibility relative to TECOM internal-road properties.

RISKS AND WATCHPOINTS

The service charge of approximately AED 11.34 per square foot per annum inclusive of utilities is materially higher than older TECOM freehold building and must be assessed carefully in total occupancy cost comparisons — it represents a significant additional overhead relative to headline rent, particularly for smaller units. The interconnection with Onyx Tower 2 and Zabeel House by Jumeirah creates a complex shared amenity and management structure, with cost allocation across three buildings requiring active owners' association governance. Occupiers should confirm the strata management quality, shared cost allocation methodology, and the vibrancy of the podium retail and amenity activation before committing. Occupiers should request access to the owners' association accounts to verify reserve fund health before committing to a long lease.

STRATEGIC PERSPECTIVE

Onyx Tower 1 is the pure commercial component of the Onyx complex and one of the more premium strata office addresses in Al Barsha Heights. The Zabeel House by Jumeirah hotel connectivity and comprehensive podium amenity package are genuine differentiators that narrow the gap between a strata office building and a fully serviced office environment. Specific rental data is publicly available — approximately AED 67,000 to AED 200,000 per annum — which supports direct occupier benchmarking. The principal watchpoint is the service charge: at approximately AED 11.34 per square foot inclusive of utilities, the total occupancy cost is substantially higher than the headline rent implies. Worth the premium for the right occupier profile; model the all-in numbers carefully before committing.