Dubai office space among world's most expensive

29 May 2008
Office space in Dubai is now among the most expensive in the world, according to a new report published by the UK’s CB Richard Ellis, a firm which advises on real estate issues.

Dubai has entered the top 10 for the first time, ahead of major international business centres such as New York, Hong Kong and Paris.

Office space in Dubai cost $1,383 a square metre a year, just below Singapore which ranked ninth at $1,499 a square metre.

As in the previous year, CBRE’s Global Market Rents survey ranked London’s West End as the most expensive office market, ahead of Moscow, which experienced a near-doubling of its costs, Tokyo and Mumbai.

The report tracks markets with the highest occupancy costs over the 12 months ended 31 March 2008.

In a bid to fight spiraling rental prices, Dubai has introduced a cap on the annual increase in rental costs (MEED 14:12:07).

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