Dubai is among the most expensive workplace markets in the world with rents registering $108.92 per square foot per annum, placing the emirate at number nine, a report on global office rents has said.
According to commercial real estate services firm CB Richard Ellis, the 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 percent.
While London's West End at $182.94 per square foot per annum remains on top in the list, Hong Kong's Central Business District has pushed Tokyo's Inner Central to third place.
"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.
