Tokyo is now the world's most expensive office market, according to Cushman & Wakefield. It is replacing Hong Kong, which registered a 35% drop in rents. "As Japan's economy is picking up, the Tokyo office market is showing resistance to further decline," said Hideyuki Shinkai, fund manager for Norinchukin Trust & Banking Co. "The stable supply of new space also has been supporting Tokyo's office market. Compared with the Tokyo market, the Hong Kong office market has been traditionally volatile and it had been rising rapidly."

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