Dubai office rents plummet 34 percent
Dubai still most expensive location for office space in Middle East, says DTZ research report.
February 7, 2010 7:25 by kippreport
Dubai commercial rents plummeted by 34 percent last year – but the emirate is still the most expensive location for office space in Middle East, according to a DTZ research report.
In 2009 Dubai office space averaged at $14,520 per workstation, placing it eleventh in the global rankings. In twelfth place, Abu Dhabi’s occupancy costs were $14,300 per workstation, followed by Doha in seventeenth place with costs of $12,520 per workstation in 2009. The least expensive location in the Middle East in 2009 was Al Khobar in Saudi Arabia where annual occupancy costs equated to $3,930 per workstation.
Nick Witty, DTZ’s COO for the Middle East, said: “Occupiers throughout the region are taking advantage of the current market to demand increased leasing incentives from landlords. These include more flexible lease terms, extended rent-free periods and that office space should be fully or partially fitted out.”