The realty sector is booming across the world. As businesses expand and spread their wings, office spaces are turning more and more expensive. With oil prices and inflation soaring, rentals have hit the roof.
London's West End is once again the world's most expensive office market according to CB Richard Ellis Group, Inc. (CBRE) Research's semi-annual Global Market Rents survey. Mumbai which was in 2nd place in November 2007 has fallen to fourth place, while Moscow has zoomed to second place.
The report tracks world markets with the highest as well as fastest-growing occupancy costs for the 12 months ended March 31, 2008. Tokyo's Inner Central Five Wards & Outer Central Five Wards rounded out the top five most expensive markets.
Delhi which was placed at number 8 last year has moved up one notch to number 7. Among the most expensive markets, Singapore and Dubai were newcomers to the top 10.
Check out the world's ten most expensive office hotspots...
Image: Singapore city | Photograph: Clive Mason/Getty Images
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