According to the international real estate services firm CB Richard Ellis, Dubai is among the world’s most expensive countries in which to rent office space, ranking 25th in the world.
Overall occupancy costs average out to about $92.56 per square foot in the Gulf emirate. Abu Dhabi was also examined in the report, but found that rental space in this Gulf nation dropped 16.7 percent over the past year for office space there.
Clocking in at number one for the world’s most expensive office space rental fee is Hong Kong, where an office for your business will set you back an eye-popping $248.83 per square foot.
London’s exclusive West End ranked second to Hong Kong, with the price for office space rising 4.7 percent this past year to the atmospheric amount of$220.15 per square foot. In third place was Tokyo with square-foot cost of $186.49 per square foot.
CBRE’s chief economist Dr. Raymond Torto commented that,
“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.”