Friday, June 5, 2009

Dubai has seventh costliest office property market globally

According to a report by real estate consultancy firm, CB Richard Ellis, as reported by Emirates Business 24/7, emirate of Dubai falls seventh in the list of costliest office market globally with an occupancy cost of Dh449.90 per square foot per annum.
Three of the most expensive office markets worldwide are Tokyo, London and Moscow, according to the report, Global MarketView Office Occupancy Costs. Abu Dhabi came in at 11th in the rankings, with a cost of $91.21 per sq ft per annum.
Current financial crunch has made huge dent on the world's office markets with the most expensive ones considerably less expensive than six months ago, the report said. Financial service providers have been responsible for driving up the rents of prime office space in recent years, particularly in the dominant global financial centres.

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