Dubai has topped a Colliers International office rents survey of cities in the Middle East and Africa.

With office space demand significantly outstripping supply in the emirate, current average net rents for central business district, high-end (Class A) and premium (Top Class A) office space, was $44.86 and $51.65 per sq ft respectively.

However, when compared to other global cities, Dubai is less expensive than London, Hong Kong, New York and Tokyo, where average office space prices are more than triple those being asked in the emirate.

John Davis, CEO at Colliers International - Middle East, said: "Despite rising office rent costs, Dubai is still conservatively priced when compared to other major business cities across the globe. When looking at value for money, Dubai still holds a significant advantage for businesses wishing to setup in the region."

Davis added: " Dubai has seen a surge in rents over the last couple of years because of massive increases in demand for property. Business is booming in the Middle East and Dubais leaders have been capitalising on its geographical position and its ability to attract business from across the globe."