Friday, May 25, 2007

Abu Dhabi has the fastest growing office rents

The office rents at Abu Dhabi has almost doubled during the last five months, says a recent report. Abu Dhabi, New Delhi and Sofia had witnessed the fastest growing office rents in the world during the past year, says data from CB Richard Ellis, a consulting firm.

The company reported London and Tokyo to be the most expensive office locations in the world. In London, the West End has an average rent rate of $241 (Dh.885) per Sq.Ft. for prime office accommodation.

New Delhi, too, made its entry into the top ten, replacing Mumbai, due to continued boom in information technology operations and in data-center. However, the fastest growing office rents were reported to be in Abu Dhabi, with rents more than doubling during the said period.

Sofia in Bulgaria was the third fastest growing rent market, with 63 percent increase in rents.

The world’s highest average apartment rents for expatriates were reported in Hong Kong, which was well ahead of New York, Tokyo and even London. On the whole, half of the top most expensive cities for rental apartments for expatriate workers were contributed by Asia, while Nairobi was the cheapest.

The survey was carried out by International human resources consultancy ECA among real estate agents, foreign workers and relocation companies, taking into consideration three bedroom unfurnished apartments as a base, which were commonly rented by expatriates.

Such an apartment in a popular area for expatriates at Hong Kong would cost $8600 (Dh.31,575) per month, followed by Tokyo which would approximately fetch $7360 (Dh.227,025) per month. After this, comes New York with $7250 (Dh.26,615) a month.

Huge increase of rental rates over the past decade was noticed in Dubai and Doha, with 100 and 130 percent respectively.

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