KUWAIT: Al-Mazaya Holding has announced that the occupancy rate in its new Mazaya Tower 2, the 25-storey building situated in Kuwait Business Town, has reached 50% - despite the challenges in office units market in Kuwait. The announcement was made by Jassim Al-Ghanim, VP of Marketing and Leasing at Al-Mazaya Holding, who stressed that Al-Mazaya's team are continuing their tireless efforts to achieve balanced leasing rates in the recently launched Mazaya Towers.
The company has launched a leasing program that includes variable spaces and bespoke designs and packages with modern decorations that meet different companies' needs. The office spaces vary in size from 184.5 to 369 m2 - and boast quality finishing with highly competitive rate, reflecting the desired corporate identity of the company. Al-Ghanim added too that a number of renowned firms had expressed interest in booking office space in Al-Mazaya Tower 2 a list firms which includes Hewlett Packard, Hewlett Packard Services Kuwait, Kuwait Wind General Trading and Contracting Company, Hareer Institute, United Gulf Shipping and Rocks Company and Hussam Saleh Al-Tunaib Legal Consultants. Al-Ghanim also described how Al- Mazaya Holding remains in talks with a number of government authorities willing to lease levels in the new Mazaya Towers.
A number of letters have been exchanged with the Ministry of Endowment and the Kuwait Cabinet in this regard, after the letters had been submitted to the Ministry of Finance. Al-Mazaya Holding launched a marketing campaign entitled Office at Reach in January in a bid to lease Mazaya1 and Mazaya2, its flagship towers strategically situated in Kuwait Business Town in the heart of Kuwait. The two towers were designed to create a professional business environment while providing companies with a unique and stylish working space equipped with the latest technology.
One of the most important characteristics of Mazaya Towers is its optimal location in the heart of Kuwait -regarded as one of the most active and strategic locations in the region for investors. The Towers also offer easy access to various main roads into the city center, which will provide tenants with a central hub to the downtown and a route to all the recognized public transport facilities. "More significantly, Al-Mazaya Towers are distinguished by their global identity through the state-of-the-art design by renowned international architecture houses and the stunning view of the City and the Gulf," said Al-Ghanim. Al-Mazaya Holding has obtained approval from Kuwait Municipality to build multi-level parking spaces to serve tenants and their visitors. The facility is currently under construction and is scheduled for completion soon. Until the parking spaces are completed, the company has temporarily provided each level with four free parking slots for visitors.
The company also provides a parking valet service for greater convenience and comfort to tenants and visitors. Al-Ghanim conceded that the oversupply of office spaces in the Kuwaiti local market, coupled with the investor uncertainty and reluctance to take any future steps due to the current economic conditions, formed a significant challenge to all companies trying to carry out our rental plans. Al-Ghanim concluded by arguing that the services and prices offered by Mazaya are the best in the industry at present. "Corporate investment in relocating to new offices is a feasible one in the short or long term, especially as the companies will benefit from low rental rates and high quality services and will get a highly competitive product."
© Kuwait Times 2012
