Office rents in Dubai rebounded for the first time in 6 years, rising faster than New York and London as international banks and corporations expanded.
The rush for office space in the emirate is evident in skyscrapers such as the ICD Brookfield Place tower, which rises 244 meters above the financial district, according to Al Arabiya.net.
The tower opened as the pandemic spread globally, but nearly 90% of its 1.1 million square feet of office and retail space is currently booked or offered, with a long waiting list for the rest.
During the second quarter of this year, the value of office rents in Dubai increased for the first time since early 2016, as rents for prime offices increased by 7% in the year to June, while rents for first-class offices increased by 7.2%.
This is driven by the return of an average of 80% of workers to their offices in Dubai compared to less than 40% of employees in the London City sub-market, according to real estate brokerage Savills Plc.
