The rents of offices in Dubai are the second highest in the EMEA region, following those in London's West End. Moscow, Paris and St Petersburg are the other places, in sequential order, with high office rents.

According to property adviser, CB Richard Ellis (CBRE), the rents of the offices in London's West End have been £1,019 ($1421) per sq metre, on the average.

However, according to reports, the rents are expected to fall, as the demand is going down because of the reversals in the economy and is increasing competition among property owners to get hold of the tenants.

CBRE mentioned that rents, in fact, have already dropped "across the board" in Dubai, particularly of the offices in TECOM and Jumeirah Lake Towers.

The tenants also moving out to new Grade A areas, due to the still-persisting uncertain economic conditions. In Bahrain, demand from the banking sector - which is the main market - has, most probably, shrunk.

"Landlords are finding it increasingly difficult to lease vacant space, given the understandable caution being expressed by most occupiers at present. With those occupiers requiring space driving a hard bargain, and increasing choice available in the market, it is inevitable that we will see further weakening in rents and an increase in leasing incentives in most markets over the coming months," said Richard Holberton, Director of EMEA research at CBRE.