If You Build It, They Won't Come
I am in a foul mood today. I just read this article on Bloomberg about Dubai's commercial office market and how some buildings, horror of horrors, may stay vacant for ever. Well, no sh*t Sherlock. Dubai was a real estate market that was non-existent ten to fifteen years ago - nothing but desert - and only became viable with easy money and a flood of construction and real estate related jobs. Dubai is a middle east version of Las Vegas without Vegas' charms of vice and entertainment. When Dubai's real estate musical chairs stopped, people, like in Las Vegas, woke up and realized they were stuck in the middle of a freaking desert and those that could headed for the exits.