Office rents in Dubai are rising faster than in New York or London

Office rents in Dubai are rising faster than in New York or London

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 800 feet (244 meters) over the financial district. The tower opened just as the pandemic spread globally, but roughly 90 percent 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.

Tenants include UBS Group AG, Israeli fintech firm Rapyd and Pernod Ricard SA, which relocated staff from Hong Kong.

Demand for space in the skyscraper and across Dubai is surging as the emirate attracts more wealth and expats due to its nimble response to the pandemic and relatively easy access to visas.

A growing clutch of firms are expanding in the sun-splashed business hub in favor of markets like Hong Kong and Russia, while workers are returning to offices at a particularly high rate.

‘Lifting Up’

“The whole market is sort of lifting itself up, said Rob Devereux, chief executive officer of ICD