Office rents in Dubai’s free zones have plummeted by 60% as a result of the global economic crisis, according to an industry insider.

Average rates of privately managed buildings in the free zones had dropped from about AED240-380 per sqft ($65-103) in the third quarter of 2008, to about AED92-180 per sqft ($25-49) in the first quarter of 2009, according to Mohammed Faheem, research analyst at CB Richard Ellis.

Arabian Business