Dubai office rents have collapsed 50% in the last nine months as business activity fell, with residential rates also tumbling 40 percent, a new report said on Thursday.

Further drops in commercial and residential rents are likely as Dubai’s property market faces a three to six month period of continued negative growth, CB Richard Ellis said in its quarterly UAE Property Insight report.

Abu Dhabi also saw office rents fall 30-40% in the last nine months.