As a home to the world’s tallest tower and tallest hotel constructed on an island, Dubai can easily be called Middle East’s skyscraper capital. The city’s skyline is among the world’s most impressive and it continues to grow in height with every year. The latest Skyscraper Index, however, ranks skyscraper cities like Dubai, not by the height of the building in them, but by their high-rise rental rates.
If Dubai’s skyscrapers are measured not by their height, but by their rental rates, the city ranks at the 16th position in the world. According to the 2015, Skyscraper Index, rental costs of the city’s high-rise buildings average at $43.50 per square foot. In comparison, Hong Kong, which is this year’s leader on the list, is now witnessing rental rates of $250.50 on the average. It is estimated that skyscraper rentals in the Asian city have increased by 20% during the second half of 2014.
Despite topping the ranking today, Hong Kong may soon lose its position. The report has found that the gap between the city and New York, the second on the list, has greatly narrowed. The Big Apple’s high-rise buildings are now enjoying an unseen interest from growing creative and digital companies. As a result, New York’s rental growth registered last year was impressively robust.
The research explains that Dubai’s position on the Skyscraper Index might have been much higher. However, since high-rise rental rates have pretty much remained unchanged during H2 2014, as opposed to those in other cities on the list, the emirate has landed outside the top 10.
Cities with the priciest skyscraper rentals:
- Hong Kong – $250.50 per sq. ft.
- New York – $150 per sq. ft.
- Tokyo – $124 per sq. ft.
- London – $108.75 per sq. ft.
- San Francisco – $97 per sq. ft.
- Singapore – $94.25 per sq. ft.
- Sydney – $91.75 per sq. ft.
- Moscow – $90 per sq. ft.
- Los Angeles – $73 per sq. ft.
- Shanghai – $68.75 per sq. ft.
- Dubai – $43.50 per sq. ft.
The 2015 Skyscraper Index also shows that since the start of the new millennium, Dubai has constructed almost 190 high-rise buildings (with height of at least 350 feet). In comparison, Shanghai has added more than 90 during the same period. In addition to that, the city accounts for nearly 30% of all skyscrapers that are taller than 1,000 feet.
