Monday, 11 July 2016

Dubai Skyscrapers Are More Affordable

Skyscrapers in Dubai are more affordable than international cities like New York, London, Hong Kong and Tokyo, as per a latest report by Knight Frank.

The report examines the rental performance of commercial buildings that has more than 30 floors across the world, report shows that skyscrapers rents in London rose to $126 per square feet (9.7 percent) in the second half of 2015. During the same period Dubai skyscrapers’ rents remained unchanged at $43.5 square feet.

Dubai is amongst other international cities hosts a large number of tall buildings that has more than 50 floors. City also hosts The Burj Khalifa that is world’s tallest building with height of 828 meters, Princess Tower of 414 meters, 23 Marina of 392 meters, Elite Residence of 381 meters, The Marina Torch of 348 meters and the list is very long.
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As per the latest Skyscraper Index from Knight Frank, rents in London’s skyscrapers are rising faster than any other global city. Rents growth is seen in other global cities such as Hong Kong with 3 percent and San Francisco 4.76 percent over the same period.

The only global city where skyscraper rents decreased for the same period was Singapore, with the decrease of 4.75 percent.

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Hong Kong’s skyscrapers Rents are continuing to be the highest in the world, reaching $263 per square feet in the last two quarters of 2015. New York with $155 per square feet retains the second position and Tokyo at third position with $129 per square feet.

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Interesting fact, Mumbai’s emergence as a top performer benefited from growth in tech, surpassing business and financial services as the top occupier of office space in the last two quarters of 2015. This is the second time in twelve months, as London is the fastest growing office tower market due to its diversity of constrained supply and occupier demand in the world. In the US, the rapid expansion of the tech sector is underpinning rental growth for towers in cities like San Francisco and Boston.

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