Dubai features among most expensive office markets

Dubai is ranked 25th on the list of the world’s most expensive office rentals market, a recent study by real estate services firm CB Richard Ellis (CBRE) has revealed.

The Gulf emirate is ranked 25th in the list with overall occupancy costs coming in at $92.56 per square foot.  Abu Dhabi, on the other hand, has seen a stunning 16.7% plunge in office rental rates over the past year, the CBRE report said

Hong Kong is the world's most expensive office rentals market, according to the study, with overall occupancy costs reaching a whopping $248.83 per square foot.

London's posh West End came in second place on the list, as the cost of office space rose 4.7 per cent over the past year to $220.15 per square foot, followed by Japanese capital Tokyo at $186.49 per square foot.

According to Dr Raymond Torto, CBRE’s global chief economist:  “The most expensive office locales are increasingly located in dynamic markets across the emerging economies as office occupiers diversify their global footprints in these markets to take advantage of rising incomes and the availability of labour.”

The top 50 rankings were dominated by markets in Asia-Pacific, with Chinese cities, Beijing, Shanghai and Guangzhou all making an appearance, alongside Japan's Tokyo.