According to the new Office Space Across the World 2009 report from global real estate adviser Cushman & Wakefield, Hong Kong and Tokyo are now the world’s two most expensive office locations – a position which London had held for the past nine years.

The cost of occupying a prime square metre of office per year in Hong Kong now stands at $2338. Although rents in Hong Kong actually fell 4% in 2008, the larger 23% fall in London’s West End pushed occupancy costs down further to $1882 per square metre per year. The cost of space in Tokyo now stands at $2212 per square metre per year, a fall of 19% in 2008.