Abu Dhabi and Dubai rents not as high anymore

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One lasting effect of the global economic downturn in the Middle East is the amount of unused commercial real estate.  Dubai and Abu Dhabi have now both fallen off real estate developer Knight Frank’s annual list of the top ten most expensive office space rents.  Occupancy is down in both cities by 10-20%, and property values have fallen by as much as half, as has the cost of both commercial and residential rents. “The high levels of development activity in recent years have left many of these locations with an oversupply of office space, forcing landlords to reduce rents further to attract tenants,” according to Knight Frank’s report.  Tokyo has now fallen from the top spot, and London has now claimed the dubious honor.  The average price per square foot in the UK city is about $144.

 

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Reading Time: 1 minute

One lasting effect of the global economic downturn in the Middle East is the amount of unused commercial real estate.  Dubai and Abu Dhabi have now both fallen off real estate developer Knight Frank’s annual list of the top ten most expensive office space rents.  Occupancy is down in both cities by 10-20%, and property values have fallen by as much as half, as has the cost of both commercial and residential rents. “The high levels of development activity in recent years have left many of these locations with an oversupply of office space, forcing landlords to reduce rents further to attract tenants,” according to Knight Frank’s report.  Tokyo has now fallen from the top spot, and London has now claimed the dubious honor.  The average price per square foot in the UK city is about $144.

Reading Time: 1 minute

One lasting effect of the global economic downturn in the Middle East is the amount of unused commercial real estate.  Dubai and Abu Dhabi have now both fallen off real estate developer Knight Frank’s annual list of the top ten most expensive office space rents.  Occupancy is down in both cities by 10-20%, and property values have fallen by as much as half, as has the cost of both commercial and residential rents. “The high levels of development activity in recent years have left many of these locations with an oversupply of office space, forcing landlords to reduce rents further to attract tenants,” according to Knight Frank’s report.  Tokyo has now fallen from the top spot, and London has now claimed the dubious honor.  The average price per square foot in the UK city is about $144.

 

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