Dubai second most expensive office mart in EMEA region

DUBAI: The average office rent in Dubai is e995 (e1 = RM5.02) per square metre per annum, making it the second highest market rate in Europe, the Middle East and Africa (EMEA), according to research by CB Richard Ellis (CBRE).

CBRE’s Office MarketView (Q1 2009) showed that London’s West End topped the list of the most expensive office rents at e1,019.
Moscow is ranked third at at e906, followed by Paris at e700 and St Petersburg at e657.

CB Richard Ellis Group is a commercial real estate services firm headquartered in Los Angeles.

CB Richard Ellis Middle East associate director of research Matthew Green said despite the much publicised downturn in the Dubai market, prime office rental rates remained comparatively high and second only to London’s West End.

“However, with a significant portion of supply still to enter the market this year we are likely to see further rental reductions as landlords compete to secure tenants,” he said in a statement.

By Bernama