Abu Dhabi and Dubai rents not as high anymore

Abu Dhabi and Dubai rents not as high anymoreOne 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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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...

Abu Dhabi and Dubai rents not as high anymoreOne 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.

 



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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