Dubai office construction development is third largest in the world and at the same time is becoming more affordable as the rates have halved in the first half of this year, according to a report by Colliers International.
Global Office Real Estate Review report said that office construction activity in the emirate bounced back in the first half of this year after dropping in the second half of last year.
Office development market in Dubai has increased to 28.0 million square feet in H1 2010 from 24.0m sq.ft. at the end of December 2009 and 27.1m sq.ft. in the first half of last year.
The emirate has been ranked third globally in terms of office space under development after Shanghai and Moscow.
Abu Dhabi and Riyadh are also among the top ten cities ranked seventh and ninth, respectively.
The figures showed that the activity shrank in the UAE capital in the first half to 12.9m sq.ft. from 13.1m sq.ft. in the second half of last year.
The global real estate advisory company’s statistics showed that Riyadh is witnessing massive office construction activity with 11.2m sq.ft. of office space under construction against just 2.0m sq.ft. in H1 2009.
Colliers also said Dubai office rents rate nearly halved in the first half of this year, making it one of the most economical cities in the world with a ranking of 46th. The office rate fell to $39.47 per square foot for class A prime office compared to $75.8 at the end of last year. The statistics showed that the rents remained nearly static during the second half of last year.
Emirates 24|7
