Dubai office areas rents rate has hiked during the third quarter of 2014 to reach 250 Durhams per square foot. The prices rose by 14% in comparison with the the first quarter of the same year, and by 25% in comparison with the third quarter in 2013.
This hike goes back to the rising demand rate in Dubai due to increased trade activity.The rents rise reached 44% in the last 10 months which is equivalent to 130 Durhams.
Cluttons consultancy report stated that the current rents rise is due to the lack of office areas, in addition to the rise in demand rate. Steve Morgans, the executive manager of Cluttons Middle East said that the rents market has recovered after the normal summer market lag.
It’s worth mentioning that banking and financial services, in addition to real estate and travel agencies represent most of occupants in this area. According to Cluttons report, Dubai downtown area and Sheikh Zayed road are have the highest rents rate which range between 220 and 280 Durhams per each square foot.