In spite of the slump in property prices in Dubai, the emirate remains the eighth most expensive place to rent office space in the world, according to the latest report on office occupancy by CB Richard Ellis.

Dubai office rents have slumped by 27.3 per cent in the past year, but because of the fall being universal it remains in the top 10 of the priciest places to have an office.

With office space now costing an average of $108.91 per square foot a year it is well behind the West End of London which can still command rents at $184.85.

But it ahead of the London City market in ninth place globally and well ahead of its neighbour Abu Dhabi where rents have fallen a massive 38.6 per cent to $84.4. The best performing market was Aberdeen in Scotland which only suffered a 12-month decline of 12.3 per cent to $65.62.

'The financial crisis has taken a toll on the world's office markets as well as the US dollar, which has been especially weak in 2009,' the report states. Europe, the Middle East and Africa continue to have the largest number of markets on the top 50 list, let by London's West End, which is still the world's most expensive market. 'Other markets in the region that rank high on the list are Moscow, Paris, Dubai and London City,' the report said.

In North America, New York's Midtown Manhattan topped the list of most expensive markets, with an office occupancy of 68.93.-TradeArabia News Service