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September 28, 2017 | 10:25 | Dubai
The 2018 Global Cities report analyses the cost of office space in the tech and creative districts of the world’s leading cities. It identifies Shoreditch as the world’s most expensive tech district, where rents have reached $90.75 per sq ft, which are almost as high as prime rents in London’s main financial district.
Shoreditch (London) is the most expensive tech district in the world, with intense demand for office space pushing rents higher than those in Mid-Market, San Francisco, and almost double those in Brooklyn, New York, according to new research from Knight Frank.
Rents in Dubai’s Media City are less the 50% less in comparison to London’s, at $43.55 per sq ft, placing the Middle East’s largest tech hub roughly mid-table when comparing rents across the 29 top global tech centres around the world.
Shoreditch is followed by Mid-Market in San Francisco, where rents are $77 per sq ft, and Silicon Docks in Dublin ($76.30) which has become the European base for many tech corporates including Twitter and Google. The top five of the list is completed by the CBD: Rama 1 in Bangkok ($74.25) and the 1st, 2nd and 9th districts in Paris ($74.00).
Matthew Dadd, Partner, Commercial Agency said: “Dubai continues to grow as a regional hub for tech and media companies looking to service the Arabic regional market. Media City and Internet City in Dubai provide a cluster of like-minded companies and a hub for innovation which continues to attract global occupiers mirroring the profile of other global tech hubs.”
Taimur Khan, Senior Analyst at Knight Frank said: “As Global Cities 2018 report indicates, global tech trends are being witnessed in Dubai as it looks to develop its Smart City initiative.
The Dubai Government’s initiatives will ensure Dubai is a global leader in the integration of technology in built environment.
Office rents in Tech Districts