But costs have fallen markedly since last year, with a 14% fall in prime West End office rents. However continued rental growth means that Inner Central Tokyo remains the second most expensive office location in the world at $136 per sf per annum. And Outer Central Tokyo has overtaken the City of London for third place. Other European cities in the top ten most expensive locations in the world include Paris, Moscow, Frankfurt and Edinburgh.

The UK is by far the world's most expensive country with six UK office markets in the top twenty. But despite this, the UK continues to attract more than its fair share of international occupiers. Ernst & Young research showed Greater London to have been Europe's top region for inward investment in 2001 and the UK to have attracted 19% of all inward investment projects.

The plunging value of the US dollar means that US offices have become comparatively cheap and Midtown Manhattan and Boston CBD are now the only US locations in the top twenty most expensive office locations. And San Francisco and Silicon Valley have dropped out of the top 50 most expensive venues.