Market Report:Dublin is the sixth most expensive location for office space in the world. It has rushed up this unenviable list after moving from 12th position last year, according to a new international study released today.

The study, Office Space Across the World 2007, compares office occupancy costs in 211 locations across 51 countries. Prepared by Lisney's international partners Cushman & Wakefield, it indicates that while London continues to hold top billing as the dearest office location, Dublin was in joint first as the biggest riser in the rankings.

The report shows that total occupancy costs of prime Dublin office space are now €823 per sq m (€76.5 per sq ft) per annum, with just over three-quarters of this accounted for by rent.

Figures from Lisney Research show that rents for top-of-the-range city centre office space have increased from €452 per sq m (€42 per sq ft) at the end of 2005 to around €646 per sq m (€60 per sq ft) at present - an increase of 43 per cent in just over a year.

London is the world's most expensive city for office space, with total occupancy costs of €2,009 per sq m (€186.6 per sq ft). Tokyo, Hong Kong, Paris and Mumbai complete the top five. Even Milan and New York feature below Dublin on the list, at 8th and 9th places respectively.