Dubai has entered the top 10 for the first time, ahead of major international business centres such as New York, Hong Kong and Paris.

Office space in Dubai cost $1,383 a square metre a year, just below Singapore which ranked ninth at $1,499 a square metre.

As in the previous year, CBRE’s Global Market Rents survey ranked London’s West End as the most expensive office market, ahead of Moscow, which experienced a near-doubling of its costs, Tokyo and Mumbai.

The report tracks markets with the highest occupancy costs over the 12 months ended 31 March 2008.

In a bid to fight spiraling rental prices, Dubai has introduced a cap on the annual increase in rental costs (MEED 14:12:07).