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2. London, UK

Annual Occupancy Cost: $1,647/sq meter
Annual Rent Cost: $119.40/sq ft
(Numbers represent London's West End)

In the UK, the first half of 2009 saw weaker occupier demand and an increased availability of sub-let opportunities due to declining rents. However, Cushman & Wakefield's report found that demand stabilized in certain areas of Central London, with rents rising in the fourth quarter. It is expected that prices for premium space will experience a "bounce" due to limited space for development.

Photo: AP