Dubai: Abu Dhabi recorded an increase in business competitiveness as office rents fell 23.7 per cent in the first quarter compared to a year ago, but a bottoming is in sight, according to the CB Richard Ellis Group’s semi-annual Global Office Rents survey.

Dubai is among the 10 most expensive office markets in the world with rents at $108.92 (Dh399) per square foot per annum, placing Dubai at No 9, while Abu Dhabi is placed at 19 with $72.71 per square foot per annum. The study also showed a global decline in rent by 4.6 per cent from a year ago.

Overall, the Europe, Middle East and Africa (EMEA) region had an annual decline of 6.2 per cent, led by Moscow (-26.5 per cent), Dublin (-24.6 per cent) and Abu Dhabi (-23.7 per cent). The region as a whole experienced 44 out of 57 markets with office occupancy costs falling. [Read More]