Dubai keeps growing outwards, into Dubai South, Expo City and new master communities. In the city's original core, the Sheikh Zayed Road corridor between DIFC, Downtown and Business Bay, there is much less room left to build. Plot prices, record land deals and how dense the skyline already is all tell the same story. This article looks at the evidence and what it means for anyone buying in the area, including at LMD's new Christian A. Rockefeller Business Tower.
Credit: LMD
The Evidence on Land Prices
The clearest sign of scarcity is what developers are paying for land.
| Record canal-front sale | A waterfront corner plot on Dubai Water Canal in Business Bay sold for a record AED 362 million (reported by Khaleej Times). |
|---|---|
| Plot price growth | Average Business Bay land rates rose about 16.7% year on year, from about AED 1,800 to AED 2,100 per sq ft (market data cited by Khaleej Times). |
| Large ticket sizes | Business Bay land deals in H1 2025 had median sizes of about 92,000 sq ft and values near AED 210 million (AIQYA analysis of DLD data). |
In the same report, developers were described as facing "a constrained pipeline of prime plots, with waterfront sites being exceptionally rare". The plot that set the record was described as "among the last true canal-front opportunities in Business Bay".
Is Business Bay Almost Full?
It depends on what you count. The Dubai Development Authority's plot register, as analysed by one Dubai brokerage in August 2026, records 416 plots in Business Bay Phase 1 & 2. Of these, 159 are complete, 56 are under construction, 25 are in pre-construction and 166 are recorded as empty. So Business Bay as a whole is not fully built, and new towers will keep coming.
The scarcity is in prime positions: frontage on Sheikh Zayed Road, direct canal views, and sites next to Downtown and the Metro. The first row of towers along Sheikh Zayed Road has been built out over the past two decades, and new frontage sites are rare. So we would describe it as limited remaining prime land rather than "the last plot". Any marketing that says "the last plot" should be treated with caution.
Why Scarcity Supports Values
Supply can't respond
In outer areas, developers can respond to demand by launching another phase. In a built-up core, they can't. When new supply is capped by land, rising demand shows up in prices and rents instead.
Office rents tell the same story
The central business districts carry Dubai's highest office rents. Newmark puts Downtown Dubai at about AED 422 per sq ft and DIFC at about AED 392 per sq ft in Q1 2026, with Business Bay at AED 254. These are the districts with the least room for new supply. More on the office market in why the Rockefeller tower matters for Dubai's Grade A offices.
Land costs set a floor for new launches
When a plot costs AED 2,000+ per sq ft of land, the finished units built on it have to sell at a high price to make the project work. That makes new launches more expensive, which tends to support the value of existing buildings in the same area.
Credit: LMD
Where Christian A. Rockefeller Business Tower Fits
The tower is on Sheikh Zayed Road, recorded in the Business Bay district in the DLD register, between Business Bay and Burj Khalifa/Dubai Mall Metro stations. LMD says it will be Dubai's tallest commercial tower at 87 storeys.
Height is one answer to land scarcity. When you can't add land, you build up. An 87-storey tower on a single plot delivers 332 offices (per the developer factsheet) in a location where few new office plots come up. For buyers, the main advantage is that the address is very hard to replicate. A future competitor would need a comparable frontage plot, and there are not many left.
Questions to Keep in Mind
Scarcity is a strong long-term argument, but it doesn't remove risk:
- Wider supply still matters. Even if prime land is tight, new offices in Dubai South, Expo City and other areas compete for tenants.
- Buildings compete with each other. A prime address helps, but specification, management and service charges also drive rents.
- Prices already reflect scarcity. At indicative launch prices of about AED 4,000 to 4,500 per sq ft, part of the scarcity premium is already priced in.
Our Business Bay office investor guide covers how to judge whether the numbers work for you.
Luxwell's Take
The evidence supports a simple point. Prime land in central Dubai, especially frontage on Sheikh Zayed Road and the canal, is limited and getting more expensive. Business Bay still has empty plots, so this isn't the end of development. Well-located sites will keep commanding a premium. For long-term buyers, owning in a building that is hard to replicate is one of the more reliable ways to protect value.
Register Your Interest
Luxwell is taking registrations for Christian A. Rockefeller Business Tower now. For the full launch details, office types, payment plan and floor availability, read our main guide: Christian A. Rockefeller Business Tower by LMD: Key Facts.
Want current availability, a price sheet or a yield comparison with DIFC and Business Bay offices? Talk to the Luxwell team and register your interest today.
More on Christian A. Rockefeller Business Tower
Frequently Asked Questions
Is there still land left in Business Bay?
- Yes. The Dubai Development Authority register, analysed in August 2026, records 416 plots in Business Bay with 166 empty. Prime plots on Sheikh Zayed Road and the canal are far more limited.
How much does land cost in Business Bay?
- Market data cited by Khaleej Times shows average Business Bay land rates of about AED 2,100 per sq ft, up about 16.7% year on year. A canal-front plot sold for a record AED 362 million.
Does land scarcity guarantee price growth?
- No. It supports values over the long term, but prices also depend on demand, wider supply, building quality and the economy.
Where is Christian A. Rockefeller Business Tower?
- On Sheikh Zayed Road, recorded in the Business Bay district by the DLD, between Business Bay and Burj Khalifa/Dubai Mall Metro stations.
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