A new study by Cushman & Wakefield (C&W), a commercial real estate services firm, paints a bright silver lining on the storm clouds threatening the Gulf's real estate sector.
Dubai and Abu Dhabi are on the list of the top 10 commercial property locations in the world.
While Dubai's occupancy cost stood at about $1,200 (Dh5,577) per square metre per year in 2008, office space in Abu Dhabi could be rented at $990 per square metre per year.
Dubai was ranked fifth among the most expensive commercial property locations while rent of such property in Abu Dhabi rose at one of the highest rates in the world last year, at about 38 per cent, according to the report.
Locations in the Middle and Far East overtook Europe as the costliest, the report added.
London lost its status as world's costliest office location to Hong Kong and Tokyo.
Besides Dubai and Abu Dhabi, Syria's capital city Damascus is among the costliest commercial property locations in the region. On a relative scale in Asia, China is another good performer.