With the office rentals at $232.37 per sq feet, Moscow is the second most expensive office market. With a near-doubling of occupancy costs, Moscow rose four places to the second spot.
The economy was robust in the first quarter of 2008, says CBRE. The rentals are on par with the levels seen on 2007. A strong rental growth is forecast for Moscow city.
In terms of fastest-growing occupancy costs, Moscow's rates are up at 93 per cent, followed by Singapore at 86 per cent. Overall, EMEA (Europe, Middle East and Africa) dominated the list of markets with the fastest growing occupancy costs, accounting for five of the top 10 and 19 of the top 50 markets.
Worldwide, 88 per cent of the 173 office markets monitored posted higher occupancy costs.
Image: Foreign automobiles line the streets of Moscow
| Photograph: Natalia Kolesnikova/AFP/Getty Images
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