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Dubai United Arab Emirates
Dubai ranked seventh in the world in terms of the cost of luxury office occupancy during the third quarter of 2026, with an average annual cost of $175.34 (about AED 644) per square foot, an increase of 1.6% compared to the second quarter of the year, according to the Prime Office Costs report by global real estate consultancy Savills, which covered 47 markets around the world.
The report’s data showed that Dubai topped the Middle East markets covered by the study in terms of the cost of occupancy of luxury offices, and the cost of occupancy in Dubai exceeded its counterparts in Singapore, Zurich and Paris.
Saviles attributed the increase in the cost of luxury office occupancy in Dubai by 1.6% during the third quarter to the increase in the costs of office interiors, while the average occupancy costs in the Europe, Middle East and Africa region recorded a growth of 0.6% during the same period.
What does the cost of occupancy of luxury offices in Dubai mean?
The annual cost of $175.34 (AED644) per square foot does not represent the average office rent in Dubai, but rather reflects the overall actual cost to companies for renting and equipping offices in the most expensive category in the market.
The Svaels report is based on the measurement of occupancy costs in five of the most expensive office buildings in each market, with rents, interior costs and rental incentives, including rental exemption periods granted by landlords to tenants.
The methodology of the report is based on a standardized scenario for the rental of a usable office area of 20 thousand square feet, about two thousand square meters according to the methodology adopted in the study, with the annual cost in US dollars per square foot, allowing the comparison of occupancy costs between global markets.
Estimates of interior equipment include construction, extensions and cables, assuming 30% of the space is allocated to separate offices or rooms, and the rest to open workspaces, without counting furniture or professional service fees.
Accordingly, the index does not measure office selling prices or average rents in all office buildings, but rather focuses on the most expensive segment of luxury offices, whose price levels may differ from the first-class (Grade A) office market in general.
London tops the world’s most expensive luxury office market
The West End area in London topped the list of the most expensive luxury office markets in the world during the third quarter of 2026, with an average annual occupancy cost of $335.08 (about AED 1,231) per square foot, followed by Hong Kong at $246.20 (about AED 904), and Tokyo at $229.81 (about AED 844).
Midtown, New York, ranked fourth in the world at a cost of $225.49 (about AED 828) per square foot per year, followed by City in London at $209.64 (about AED 770), and Miami at $683.83 (about AED 675).
Dubai ranked seventh at $175.34 (about AED 644) per square foot, followed by Singapore at the eighth place at $161.90 (about AED 595), Zurich in ninth place at $160.90 (about AED 591), followed by Riyadh in 10th place at $159.54 (about AED 586).
According to Al Masdar Properties calculations based on Savills data, the cost of occupancy of luxury offices in Dubai is 47.7% lower than the West End area in London, while it is about 9.9% higher than Riyadh, and about 8.3% over Singapore.
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