Going Once: World's Tallest CRE Space Up for Auction

An upcoming online real estate auction for an entire corporate floor in Dubai’s Burj Khalifa—the world’s tallest building—is the first of its kind for Dubai, which has been struggling to reanimate its real estate market following the recent global economic crisis. The space up for grabs is the 111th floor. The current owner of the space has taken the historic step to sell the property through an online auction on the Freedom Realty Exchange, an online real estate auction platform.

Regardless of the prestige of the Burj Khalifa, the auction gives serious buyers a rare opportunity to purchase an entire corporate floor at a price they determine through online bidding. (The minimum bid for the auction is $5.4 million.) Real estate experts expect bids from around the world during the auction. The two-year-old mixed-use property has 163 floors, 37 of which are devoted to corporate office space.