Originally sited for its coastal access to shipping trade, the city has exploded infinitely from its historical size. With the discovery of oil in the mid 1960′s money flooded into the region, beginning to fill coffers that could one day be leveraged to lift life and prosperity out of the sands. Over the past quarter-century Dubai has fashioned itself as a temple to the unusual feats of how nature can be bested by humanity. Islands can be coaxed to rise from the sea. Mountains of snow can sit amidst lashing heat. The world’s tallest tower can sit in the sand and be visible for miles around.While the city lacks a Magic Kingdom, Epcot Center or its own Universal Studios, make no mistake–the creation is just another Disneyland, an attraction meant to draw people from around the world to be awed and impressed at the surreal.
Prone to sudden, heavy rains, sandstorms and hot, arid temperatures, the surrounding landscape has provided no shortage of reasons for why not to build a city in the desert, but the gait of the government-funded movement has been unfettered. The fact that sand is not the ideal medium for siting high-rise development did nothing to temper the race to build a current estimated stock of 43.6 million square feet of office space. One thing that natural ecosystems and capitalism have in common is a concept of supply and demand, equalizing forces that help balance population or production. Dubai, however, seemed to ignore such indicators given that according to Jones Lang LeSalle, the current vacancy rate for its commercial space is near 33%–a number that could rise as high as 65% with the new construction projects already in the pipeline. For comparison, the vacancy rate for office space in New York City was 11.1% in January and falling.