Construction

Dubai most expensive MENA office market

Emirate comes in at number 25 on CBRE’s list of the 50 most expensive office markets

According to a new research by global consultancy CB Richard Ellis (CBRE), Dubai was ranked as the most expensive Middle Eastern office market, with the Emirate taking the middle spot on the list of the world’s most expensive office markets.

The emirate came in at number 25 on CBRE’s list of the “Top 50 Most Expensive Office Markets” as of March 31, 2012. At the top of the table was Hong Kong with the total occupancy cost of $248.83 per ft2, while the cost in Dubai was $92.56 per ft2.

Abu Dhabi reported the largest decline (-16.7%) in the Europe Middle East & Africa (EMEA) region, where 12 markets experienced declines, while 26 markets saw occupancy costs for the year rise, the data showed.

“The most expensive office locales are increasingly located in dynamic markets across the emerging economies as office occupiers diversify their global footprints in these markets to take advantage of rising incomes and the availability of labour,” said Dr Raymond Torto, global chief economist at at CBRE.

Beijing and San Francisco showed the largest gains on the list, with Beijing’s Jianguomen – CBD and Finance Street increasing by 49.4% and 42% respectively. San Francisco’s Down-town and Peninsula areas jumped 34% and 32.7% each.

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