London’s west end remains the world’s most expensive office market in spite of rapid gains in prices in emerging economies such as Russia, India and Vietnam.

Mayfair held on to its position as the most expensive place to set up an office, with costs rising to about £150.7 per sq ft in the year to 31 March, while other traditional office locations such as inner and outer central Tokyo were also in the top five most pricey markets.

But the real surprise comes from the emerging economies such as Vietnam, where Ho Chi Minh City posted the fastest-growing occupancy costs during the period, up 94%.

The Moscow market showed similar increases in office costs of 93% to £116.9 per sq ft, according to CB Richard Ellis today, making it the second most expensive city for an occupier to take office space.

Financial Times