London’s West End market has surpassed Hong Kong Central to become the most expensive office market in the world, says a survey from CBRE.

According to CBRE Global Research and Consulting’s semi-annual Global Prime Office Occupancy Costs survey, London’s West End’s overall occupancy cost is $259.36 U.S. per square foot. This passed Hong Kong Central, which has total occupancy costs of $234.30 U.S. per square foot.

Four of the five top markets are located in Asia — Beijing’s Finance Street, Beijing’s Central Business District and Hong Kong’s West Kowloon make up the rest of the top five.

The survey showed that rents are rising fastest in the Americas, home to eight of the 10 markets with the fastest growing occupancy costs. Boston, Mexico City and San Francisco’s Downtown are in the top five.

Global occupancy costs were up 2.2 per cent at the end of the third quarter of 2013 compared to the same period in 2012. All three world regions saw annual growth, with the Americas leading at 4.6 per cent, followed by Asia Pacific at 3.2 per cent and Europe, the Middle East and Africa (EMEA) at 0.4 per cent.

“The growth of occupancy costs for prime office space in the past year underscores that even in a slowly recovering economy, demand for the best space in the best locations continues to be strong,” says Dr. Raymond Torto, global chairman of CBRE Research.