Fresh economic optimism in Dubai will drive major growth in office space demand over the next year, one expert has claimed.
According to a new report from property firm CBRE Global Research and Consulting, the annual occupational cost for prime office space in the city currently stands at $92.56 per square foot. This puts the value of Dubai’s market ahead of all those in the rest of the Middle East and in 23rd place globally.
The company’s managing director in the Middle East, Nick Maclean, says the future also looks bright in the United Arab Emirates’ capital. He was quoted by zawya.com as saying: “Over the period of the next 12 months, demand for prime office spac e will continue to increase as companies upgrade their existing setup or expand their offerings in light of the recent positive activity.
“Dubai continues to be the destination of choice for global investors looking to enter the region. Overall market fundamentals are arguably stronger now than during 2008.”
Globally, it was found that West London is the most expensive place for office space. In this part of England’s capital, businesses can expect to pay $277 per square foot per year. According to arabianbusiness.com, Hong Kong ($242) followed in second place and Beijing’s Finance Street in third with an annual cost of $194 per square foot.
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