Pavel Taptygin, Head of Leasing at iSpace Properties

Mr. Taptygin, with your active involvement in the UAE’s commercial real estate sector, what inspires your dedication to this field? Additionally, how has the rapid evolution of the market shaped your approach to luxury B2B leasing?

My inspiration stems from a deep appreciation for spaces that do more than house businesses—they elevate them. In Dubai, where ambition is part of the city’s DNA, the opportunity to shape experiences through physical environments is limitless. I see each office not just as a transaction, but as a story unfolding—a space that communicates status, brand philosophy, and lifestyle.

The UAE’s commercial real estate sector is uniquely dynamic—particularly in the post-pandemic world, where physical presence regained strategic importance. The shift wasn't just logistical—it was psychological. Businesses no longer see leasing as a fixed asset line; it’s now an adaptive brand statement. Luxury leasing, especially in the B2B realm, must embody agility without sacrificing prestige. At iSpace, we’ve adapted by embedding flexibility within exclusivity—offering bespoke layouts, concierge services, and even experience design teams to ensure our tenants don’t just occupy space—they thrive in it.

The UAE’s luxury commercial real estate market is often dubbed a ‘global gold standard’. What key trends are redefining tenant expectations in premium serviced offices post-pandemic, particularly among high-net-worth individuals?

The post-pandemic era ushered in a recalibration of values. Tenants—particularly those in the HNWI and UHNW brackets—now expect spaces to be transformational. It’s no longer enough to offer premium finishes and skyline views. Today’s premium tenant wants holistic value: community-building programs integrated into the workday, biometric security that ensures discretion, sustainability features that align with global ESG standards, and environments that encourage creativity.

We’re also witnessing an increased demand for privacy within community—customised, self-contained units that still give tenants access to larger ecosystems. For example, a fintech / IT company might want a private wing with its own branding and entrance, but still benefit from iSpace’s shared lounges or curated networking events. Luxury leasing is no longer about marble and mahogany—it’s about modular prestige and emotional resonance.

How do you see demand shifting for bespoke office spaces in the future? Are hybrid models still dominant, or are we witnessing a return to ‘prestige-centric’ leasing?

What we’re seeing is a convergence, not a conflict. Hybrid remains foundational, but the pendulum is swinging back toward prestige. In the race for top-tier talent, perception matters more than ever—and your office is part of your brand’s first impression. Prestige-centric leasing is re-emerging, especially in sectors like private equity, legal and tax consulting, management advisory—where physical presence reinforces trust and legacy.

That said, this prestige must be flexible. Tenants want the ability to expand, contract, or redesign without logistical friction. We’ve entered the era of tailored permanence—where leases might be short-term, but the impact is long-lasting. At iSpace, we’re doubling down on design partnerships, tenant co-creation, and adaptive infrastructure to meet this hybrid-prestige equilibrium.

As a visionary in this space, what is your bold prediction for the UAE's luxury commercial real estate market in the next 3 years?

I believe the next three years will position Dubai as the Silicon Valley of premium office ecosystems—where the workspace is fully immersive, hyper-intelligent, and reputation-defining. We’ll see the rise of vertical campuses in luxury towers, where work, wellness, hospitality, and even legacy planning coexist seamlessly.

My bold prediction? We’ll see tokenized leasing via blockchain, enabling fractional investment in premium spaces, and real-time AI tools that match tenants with office spaces like a high-end matchmaking service. And perhaps most striking—prestige offices will become a new category of lifestyle real estate, on par with penthouses and branded residences. We see it already in action – several landmark buildings in Dubai in most well-known and prestigious freezones have their own branded luxurious serviced offices-suites with a very high benchmark of quality and matching high expectation of clientele. This helps the professional prime developers diversify the offering in the building, but still maintain utmost level of concept of the building. The office, once a necessity, is becoming a luxury collectible.

For investors eyeing the UAE’s commercial real estate, what three factors now dictate ROI in the luxury segment? How does build-to-suit leasing reshape risk-reward calculus?

Three key ROI drivers now dominate investor considerations:

• Experiential Premiums – Investors are now assessing how well a space performs emotionally and functionally. Offices that offer concierge services, high quality of office operation, immersive tech, and hospitality-grade finishes command longer tenancies and premium pricing.
• Operational Efficiency – Smart buildings with predictive maintenance, automated utilities, and data analytics drive down operating costs and enhance asset value over time.
• Tenant Stickiness – The modern luxury office is as much about retaining talent as it is about impressing clients. Tenants are far more likely to renew in a space that supports wellness, ESG, and hybrid collaboration.

Build-to-suit leasing, in this context, is a strategic advantage. It reduces vacancy risks, improves tenant retention, and future-proofs the asset by ensuring it aligns precisely with the client’s operational and brand DNA from day one. For investors, it’s not just about yields—it’s about predictability and long-term value creation.

You’ve achieved 100% occupancy rates in competitive assets. What strategies do you deploy to align premium pricing with unrelenting demand in a market saturated with luxury options?

We treat every client as if they are our only client. It begins with deep discovery—understanding not just what a business does, but what it aspires to become. Then we map the space accordingly—aligning architecture, technology, and amenities to that vision.

Secondly, we embed value density into every square meter. This means layered services, integrated branding, tenant-exclusive experiences, and world-class hospitality—without losing the feel of corporate gravitas. When clients walk into iSpace, they don’t see a cost center; they see an asset that amplifies productivity, retention, and reputation. And the clients we work in our community with are well-established companies, who know their needs, level of standards, they have been everywhere and they do their thorough research. We know for sure, that client can differentiate a real prime office from look-alikes.

Lastly, we adopt real-time responsiveness. Our leasing strategy is built around continuous dialogue—not just contracts. That allows us to refine, pivot, and surprise tenants even after they move in. In a saturated market, experience design becomes the differentiator.

PropTech, AI-driven leasing and smart buildings are transforming CRE globally. How is the UAE integrating these innovations into its luxury commercial offerings without compromising the ‘human touch’ expected by investors?

What makes the UAE exceptional is its ability to fuse digital sophistication with Arabic hospitality. At iSpace, for instance, we use AI not just for space allocation or predictive pricing—but to anticipate tenant needs, from scheduling preferences to preferred in-office refreshments.

Smart buildings now regulate temperature, lighting, and access control autonomously. But the real magic happens in the micro-interactions—when a concierge knows your name, or when an office manager personally curates the coffee you prefer during the meeting. We believe in high-tech infrastructure with high-touch service—it’s that duality that keeps our investors confident and our tenants loyal.

Sustainability is no longer a buzzword but a mandate. How are high-end serviced offices in the UAE balancing opulence with ESG benchmarks?

We’ve moved from performative green to purpose-driven ESG integration. Every new iSpace location is benchmarked against international sustainability certifications, but we go further. We actively involve tenants in co-creating green policies.

And yet, we do this without compromising luxury. Sustainable doesn’t mean sterile—it can mean locally sourced materials, recycled materials used in architecture, ambient natural light, and smart air filtration systems that enhance wellness. Luxury now wears a quieter badge—it’s not just about looking expensive; it’s about being responsible while remaining extraordinary.

Expanding into Dubai involves navigating starkly different regulatory landscapes. What critical frameworks has the nation adopted to attract luxury commercial investors?

Dubai has taken a strategic, investor-first approach to regulation. The evolution of the most prestigious freezones for high-end investors like DWTC and DIFC on a global level, the introduction of long-term golden visas for executives and entrepreneurs, and the digitisation of licensing and contract systems up until it is possible to do everything in one seamless website have collectively reduced entry barriers and amplified investor confidence.

Moreover, the government’s openness to PPP (public-private partnerships) and their consistent infrastructure investment sends a clear signal: Dubai is not only open for business, it is proactively curating the conditions for success. These frameworks don’t just accommodate global investors—they attract them by offering a seamless, secure, and scalable business environment.

Investors tend to over-look commercial real estate assets due to ‘longer money’ comparing to residential. However, we can point out that the supply of new commercial real estate is short every year and is far from meeting the demand. New project being introduced to market are usually within the certain freezones, so the product is very niche and tends to occupy quickly. Thus, we see that this ‘private members club’ approach to commercial real estate by the country’s powerhouse helps stable growth of this market segment which is proven over the years.

As someone who has significantly influenced the UAE’s landscape, how do you think an event such as RISE can participate in the future of urban development? How do you think investors can benefit from RISE Expo?

RISE isn’t just a real estate event like others in the world —it’s a vision accelerator. It brings together real estate leaders, urban designers, policymakers, and investors under one narrative: future cities built on intelligence, resilience, and experience. RISE is a fantastic platform to explore fresh ideas and concepts, go beyond standard market directions, players and practices, explore deeply the future where we are heading and set the new world’s expectations. In this ecosystem, ideas aren’t just discussed—they’re deployed.

For investors, RISE is a chance to identify emerging verticals, from AI-integrated developments to modular workspace concepts. It’s also a rare opportunity to interact with both creators and regulators—people who shape the frameworks that define long-term value. I believe RISE will become the region’s urban Davos—and those who participate early will be the ones shaping what’s next.

To learn more about iSpace, visit https://ispaceproperties.ae/ 

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