Tokyo replaced Hong Kong as the world's most expensive office location, after rent in the capital declined at a slower pace, according to a report released Tuesday by broker Cushman & Wakefield Inc.
Rent for prime office buildings in Tokyo fell 21 percent to around ¥180,000 a square meter last year, the broker said in an e-mailed report. The cost of leasing offices in Hong Kong, which slipped two places in the rankings to third, dropped by 35 percent after more tenants moved away from the city center.
London's West End was the second most expensive district.