London's West End is the world's most expensive office market for the third consecutive year, retaining its title ahead of runner-up Hong Kong, according to research published by London agent Cushman & Wakefield.

Prime rents in the West End have risen by 4.6 per cent over the year, though they are still 13 per cent behind the 2007 peak.

However, further positive rental growth is anticipated against a backdrop of limited supply and expected development completions in 2015. Global office rents rose by 7 per cent in 2014, more than double the circa 3 per cent annual compound increase since 2010.