Asia is the world's most expensive office market.

Asia continued to dominate the world's most expensive office locations, accounting for seven of the top ten markets, according to CBRE Research's biannual Global Prime Office Occupancy Costs survey. The world's most expensive office market remained London's West End area. the pearl doha

The most expensive office market was London's West End, which had total prime occupancy costs of US$274 per sq. ft. per year, followed by Hong Kong's Central district, which had total prime occupancy costs of US$251 per sq. ft. per year. At US$198 per sq. ft., Beijing (Finance Street) was seventh, followed by Beijing (Central Business District (CBD)) at US$189 per sq. ft., and Moscow (US$165 per sq. ft.). The top ten cities include New Delhi (Connaught Place CBD), Hong Kong (West Kowloon), Tokyo (Marunouchi Otemachi), and Shanghai (Pudong).

The steady, multi-speed recovery of the global economy was reflected in the change in prime office occupancy costs. The Americas (up 4.1 percent) and Asia Pacific (up 2.5 percent) led the way in terms of global prime office occupancy costs (up 2.8 percent ).

"In the near term, we expect the global economy's gradual recovery to continue, resulting in better hiring rates and more reductions in the availability of space across most markets," said Richard Barkham, CBRE's Global Chief Economist. "We expect occupancy costs to rise from current levels in this setting, further restricting occupier choices. As occupiers aim to cut costs and boost efficiency, technology, quality, and versatility are expected to become more important factors in space use and location decisions."

CBRE monitors prime office space occupancy costs in 126 markets around the world. Twenty of the top 50 most expensive markets were in Asia Pacific, twenty in Europe, and ten in the Americas.

Twenty markets in Asia Pacific were among the top 50 most expensive, including seven in the top ten. Domestic corporations and companies in the technology, media, and telecommunications sectors drove occupant activity in this area. Costs increased by more than 1% in half of the markets.

Apart from London's West End, Hong Kong's Central district was the only market in the world with prime occupancy costs above US$200 per square foot.

Sydney, in 19th position in the global ranking from the Pacific Region, was the most expensive market at US$99 per sq. ft.