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London has world’s prime offices

London’s West End is once again the most expensive location in the world to occupy office space in, according to DTZ’s latest Global Occupancy Costs survey. Ranked fifth in last year’s survey, London’s West End has taken the number one spot, displacing Tokyo. It also jumps above Paris, Dubai and Hong Kong, which were ranked second, third and fourth. Paris and Dubai have now fallen from the top five to take sixth and eleventh place respectively, whilst Hong Kong stays put in fourth place. The West End’s rise is due to it experiencing a short, sharp rental correction in 2008. This is in contrast with the other top-four locations, which saw their rents decline during the course of 2009. The report covers 47 countries.