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With many business capitals around the world, and limited space in such areas, it is no surprise that office space can come at a premium, with bigger businesses able to price smaller competitors out of the centre of business locations. London is by all accounts an expensive place to live and work, but few of us are aware of how office space compares in price with other locations around the world.

A recent survey has shown that London has ranked second for the world's most expensive office space destination, with Hong Kong topping the list after seeing a rent increase of 51% in recent years. Hong Kong commercial office space rents currently stands at an average of 160 per square foot.

The annual survey shows the increase or decrease in office leasing costs around the world.

Both Hong Kong, and runner up to the top spot London, have experienced a rise in leasing prices due to an increase in interest in high class office space. This paired with a general lack of available space or developments have pushed office rates higher.

London's West End has seen commercial office rent raise by 27% and is the most expensive European location by far. Rio De Janeiro saw the biggest price increase moving up ten places on the list to number four, whereas Tokyo fell two places from the top spot to number three on the list.

Meanwhile the United States do not feature high in terms of the cost of office space, with the most expensive area being midtown Manhattan, which only ranked a distant 26th. Interestingly, Brazil's growing economy has pushed office space prices higher than Manhattan, with Rio de Janeiro and Sao Paolo now in the top 10 most expensive markets.

The study highlights a recovery within the office market after a rental decline in 2009. Despite the global economic downturn, prices have raised again and are very high in a number of international cities, with being one of the highest value commodities.

Prices are consistently high despite massive job losses in industries that are typical office space anchors. Worldwide nearly 350,000 jobs have been lost in the banking and insurance industries which tend to use premium space for their corporations.

Reasons for the recovery centre around the fact that firms want to be based within a city location, and while many firms compete for customers, sales and a niche in the market place they are also often competing for the top spot in terms of location.

"Office space rents can be quite costly if you want to open a base in a major city. However, that's the price you have to pay if you want a great location," commented Anna Timms, financial adviser at investmentsense.com. 新宿区 オフィス