LONDON-Like a football pep rally, London could boast “We're #1!” And so it is, at least in the eyes of New York City-based Cushman & Wakefield, which has ranked the city, with a particular focus on its West End, as the most expensive locale for office tenants.

London commands rents hovering around (US) $262 per foot. Hong Kong, which had dominated in the past few years, slipped to #2 in the rankings. If you expect the margin to be slim, think again. Hong Kong logged $184 per foot, shy of London by almost $80.

Bragging rights, of course, go to the victor: “As a truly global city, London's appeal continues unabated,” says Digby Flower, who heads the London office for C&W. “In conjunction with a scarcity of quality stock, prime rents have increased over the year.” He anticipates further rental growth over the course of the year.

Globally, rents are up, the report notes, by 3%. That makes room for some wild changes, such as Rio de Janeiro's 43% jump, pushing it from #8 to #3 with rents at $165.

Rounding out the top 10 are:

#4) New Delhi at $162. (last year it was ranked #5);

#5) Tokyo at $156. (Tokyo slipped two notches, from #3);

#6) Moscow at $140. (Moscow also slipped two notches, from #4);

#7) Beijing at $132. (Last year, Beijing was #6);

#8) New York City at $129. (Down a slot from last year's #7 ranking);

#9) Sydney at $122.

#10) Paris at $112. (Both Sydney and Paris were the only two cities to maintain last year's rank).

“Safe havens or gateway cities such as London, Hong Kong and New York continue to command high rents despite uncertain economic conditions, as they remain key markets in which to do business,” says C&W president and CEO Glenn Rufrano. Meanwhile, “burgeoning population growth has led to rising occupancy costs in emerging markets in South America and Asia.”

All of the rents stated are on a yearly basis.