Hong Kong overtook London as the most expensive place to rent offices last year, but the No 1 position may be fleeting as local landlords brace for a big decline in the market this year.

A faster pace of decline in rents in Britain's capital helped Hong Kong gain the dubious honour for the first time in almost a decade, figures from property consultant Cushman & Wakefield revealed.

Although analysts forecast a stronger performance from the Asian property market than Europe or North America, Hong Kong is expected to suffer the biggest drop in office rents across the region, with the top position likely to be taken by Tokyo.

South China Morning Post