Dubai’s serviced office market hit by downturn
Dubai’s office market has witnessed a 29% decline in serviced office occupancy across the last two years, according to the latest report from the Emirate.
The average cost of renting a workstation in Dubai fell from a high of US$1,675 (Dh6,152) per month in 2008 to a low of $900 in 2011. The number of workstations occupied fell by a third compared to the number occupied in 2011.
The report attributed the decline to the on-going financial crisis. However, whilst Dubai’s office market has struggled throughout the last two years, Abu Dhabi’s had grown by an unprecedented 73%.