Dubai is among the ten most expensive office markets in the world, a report on global office rents by commercial real estate services company CB Richard Ellis (CBRE) showed.
The report said office rents in Dubai have recorded $108.92 per square foot per annum, placing the emirate at number nine. Occupancy costs in the global markets showed a drop of 4.6 per cent over the 12-month period ended March 31, with larger markets experiencing a slightly greater decline of 6.4 per cent, the report said.
“While economic data reflects improvements year-over-year, the commercial real estate market lags the economy, and our occupancy cost survey still shows falling costs,” Global Chief Economist at CBRE Raymond Torto said.
“The majority of markets (133) experienced a decline, with 33 of these markets registering double-digit percentage-point drops in office occupancy costs.” The Latin American market, led by Brazil, was the only region to show an increase year-over-year in occupancy costs, Torto said.
London’s West End at $182.94 per square foot per annum remains on top in the list of ten most-expensive office markets, with Hong Kong’s Central Business District pushing Tokyo’s Inner Central to third place.