London's West End tops global office rent league

LONDON May 29 (Reuters) - London's West End has easily retained its position as the world's most expensive office market in the year to March 31 but Vietnam's Ho Chi Minh City saw the sharpest hike in rental costs, a report on Thursday showed.

According to research compiled by CB Richard Ellis, the world's largest property services firm, annual Ho Chi Minh City office rents rocketed by 94 percent to $85.84 per square foot.

That rise is just ahead of Moscow -- the world's second most expensive office market -- where rents soared 93 percent to $232.37 per square foot over the period, reflecting increased tenant demand.

But at $299.54 per square foot, rents in London's West End once again eclipsed those in Moscow and other international business hubs. Rents in the supply-starved market are 82 percent higher than London's City office market and nearly three times the rents in the Midtown Manhattan office market in New York, which is the Americas' most costly market.

Tokyo's Inner Central Five Wards, Mumbai's Nariman Point and Tokyo's Outer Central Five Wards were named the world's third, fourth and fifth most expensive markets, respectively.

Overall, EMEA (Europe, Middle East and Africa) dominated the list of markets with the fastest growing occupancy costs, accounting for five of the top 10 and 19 of the top 50 markets.

Singapore and Dubai were newcomers to the top 10. Singapore ranked ninth, with an occupancy cost of $139.31 per square foot, while Dubai was number 10, with an occupancy cost of $128.49 per square foot. (Reporting by Sinead Cruise, editing by Will Waterman) (See www.reutersrealestate.com for the global service for real estate professionals from Reuters)