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Dubai Office Rents Are Rising Faster Than In NYC and London

  • Emirate’s office rents rising for first time since 2016: CBRE
  • Middle Eastern city benefits from influx of business, wealth
ICD Brookfield Place
ICD Brookfield PlaceSource: Foster + Partners
Updated on

Office rents in Dubai are rebounding for the first time in six years, rising faster than in New York or London as global banks and businesses expand into the financial hub known for its love of glitzy construction.

The rush for office space in the emirate is on show in skyscrapers like ICD Brookfield Place, which towers 928.5 feet (283 meters) over the financial district. The tower opened just as the pandemic spread globally, but roughly 90% of its 1.1 million square feet of office and retail space is now taken or under offer, with a long wait list for the rest.