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Dubai office rent second highest in EMEA region
Office rents in Dubai have remained high in spite of the financial crisis ($1388 per square meter), and are ranked...
July 15, 2009 12:01 by Dana El Baltaji
Office rents in Dubai have remained high in spite of the financial crisis ($1388 per square meter), and are ranked the second highest in Europe, Middle East and Africa (EMEA), after London’s West End ($1421 per square meter), according to a report by property advisor CB Richard Ellis (CBRE) entitled EMEA Office MarketView Q1 2009.
However, the report predicts rents in Dubai are likely to soften this year as more supply enters the market.
“Landlords are finding it increasingly difficult to lease vacant space, given the understandable caution being expressed by most occupiers at present,” said Richard Holberton, director of EMEA research at CBRE.
“With those occupiers requiring space driving a hard bargain, and increasing choice available in the market, it is inevitable that we will see further weakening in rents and an increase in leasing incentives in most markets over the coming months,” he added.