Dubai skyscrapers are more affordable than London, NYC

Dubai - Dubai hosts a large number of tall buildings with more than 50 floors.

Dubai skyscrapers are much more affordable than other international cities such as London, New York, Hong Kong and Tokyo, according to a latest report by Knight Frank.
The report, which examines the rental performance of commercial buildings over 30 storeys across the world, shows that rents in skyscrapers in London rose 9.7 per cent to $126 per square feet in the second half of 2015. But Dubai skyscrapers' rents remained unchanged at $43.5 square feet during the same period, it added.
Dubai is among one of the international cities that hosts a large number of tall buildings with more than 50 floors. The city also hosts the world's tallest building Burj Khalifa (828 metres), Princes Tower (414 metres), 23 Marina (392 metres), Elite Residence (381 metres), The Marina Torch (348 metres), and the list is very long.
Rents in London's skyscrapers are rising faster than those in any other global city, according to the latest Skyscraper Index from Knight Frank.
The growth in rents seen in other global cities such as San Francisco and Hong Kong rising 4.76 per cent and three per cent respectively over the same period.
Singapore was the only global city where skyscraper rents significantly decreased for the period, with the 4.75 per cent drop attributed to over-supply and diminishing occupier confidence as a result of the slowdown in the Chinese economy.
Rents in Hong Kong's skyscrapers continue to be the highest in the world by some margin, reaching $263 per sqft in the second half of 2015. New York retains its second position, where skyscraper rents are currently $155 per sqft, with Tokyo third [$129 per sqft].
Will Beardmore-Gray, head of Knight Frank's Tenant Rep and Agency Business, said: "There has been much debate around the future of London's skyline, but the rental performance of the Capital's skyscrapers points to the fact there is huge demand for space in landmark, tall buildings and we expect the upward pressure on rents to continue."
Ally McDade, Associate, Knight Frank Research team, said: "For the second time in twelve months, London is the fastest growing office tower market in the world due to its diversity of occupier demand and constrained supply. In the US, the rapid expansion of the tech sector is underpinning rental growth for towers in cities like San Francisco and Boston. Interestingly, Mumbai's emergence as a top performer has benefited from growth in tech, as it surpassed financial and business services as the top occupier of office space in the second half of 2015."
- abdulbasit@khaleejtimes.com