London’s West End has held onto its spot as the most expensive office market in the world, CBRE reports. Three predominant Asian markets – including Hong Kong (Central District) – and Russia’s capital, Moscow — round out the top five.

Despite those rankings, CBRE’s Global Prime Office Occupancy Costs study found the fastest rising rents in the Americas region. The United States alone held half of the Top 10 markets with the fastest growing occupancy costs.

“We believe that occupancy costs are poised to accelerate in the latter part of 2014,” says Dr. Raymond Torto, CBRE Research’s global chairman. “Even though occupiers remain cost-conscious, demand for prime office space is continuing to increase. With the exception of a few markets, mostly in Asia Pacific, there is not a sufficient volume of new construction to meet demand.”

An average London West End office space costs US$277 per square foot a year. Meanwhile, a Hong Kong Central District space costs approximately $242 a square foot, making it the world’s second most expensive market.

The Top 10 priciest office markets are:

  • London West End
  • Hong Kong (Central)
  • Beijing (Finance Street)
  • Beijing (CBD)
  • Moscow
  • Hong Kong (West Kowloon)
  • London City
  • New Delhi (Connaught Place – CBD)
  • Tokyo (Marunouchi Otemachi)
  • Paris