Prices for available space are falling to levels that would have seemed more fantasy than fact just a few months ago as Dubai’s commercial property market becomes hamstrung by the practice of multiple owners having interests in the same development.

The classified advertisement would have seemed unbelievable just a year ago: new offices for rent from just Dh99 (US$26.95) per square foot near Dubai’s commercial heartland.

Back then, the city was unique in being able to boast 100 per cent office occupancy, with prime rents topping Dh400 per sq ft. Today, commercial buildings around the city lie empty.

The National