The World's Most Expensive Office Area is in London.

St. James, London, is home to several of the world's wealthiest hedge funds and sovereign wealth funds, making it the world's most expensive office space neighborhood. apartments

According to a research from Jones Lang LaSalle, St. James leads a list of the world's top 12 most expensive locales with an average cost of $194 per square meter per year, beating neighborhoods like Hong Kong and Beijing.

According to JLL, the top locations on the list are benefiting from a scarcity of available space and strong demand from specialty financial and technological sectors, which is driving office rates higher around the world.

In the medium term, the firm anticipates the same mix of locations to top the list, although sector-specific economies such as Silicon Valley in California are rising the rankings. Menlo Park in Silicon Valley, which is known for its technology, is now ranked sixth on the list.

"With premium rents in a number of U.S. cities' central business districts already rising, we can expect to see more U.S. markets ranking among the most costly over the coming 24 months," JLL director of research Jeremy Kelly said in the report.

Changes in global market dynamics can negatively effect other office areas as some markets ascend the list, according to JLL.

"For many years, Tokyo was the world's most expensive office market," Kelly said, "but it was heavily impacted by the global financial crisis and has been surpassed by other Asian power cities."

According to a CBRE survey released this summer, downtown Hong Kong is the world's most expensive office market. In the JLL assessment, which focused on individual communities, it came in second.

The following are the top 12 most expensive office areas:

1. GBP 125 per sq. ft. per year (USD $194 per sq. ft. per year) in St James's, London

St James's personifies the West End's unequaled accessibility, luxurious amenities, and proximity to clients, with a plethora of high-end financial institutions.

2. HONG KONG CENTRAL: HKD 105 per square foot per month (USD $162 per square foot per year)

Central is the preferred site for the city's banking and finance community, with first-class hotels, premium stores, great transportation links, and interconnecting walkways.

3. BEIJING'S Finance Street: RMB 750 per square meter each month (USD $137 per square foot per year)

Finance Street, a Beijing submarket designed exclusively for top-tier financial institutions and significant state-owned enterprises, also attracts international investment banks and insurance firms.

4. GENEVA's Rue du Rhône: CHF 1,150 per square meter (USD $116 per square foot) every year

Geneva's key area for private wealth management, banking, and luxury retail brands is the Rue du Rhône.

SILICON VALLEY, CALIFORNIA 5. Menlo Park (USD $111 per square foot/year)

Sand Hill Road in Menlo Park, the core of the technology universe, is home to many venture investors.

6. MOSCOW'S KREMLIN AREA: USD 1,150 per square meter per year (USD $107 per square foot per year)

Russian and international finance and legal tenants prefer office space in Moscow's Kremlin neighborhood. Because new building is strictly regulated, the value of office space in the neighborhood has increased even more.

7. Fifth Avenue, MANHATTAN, NEW YORK: USD $104 per square foot each year

Fifth Avenue, which is consistently named among the world's most expensive shopping avenues, is also home to a slew of hedge funds hunting for prime Midtown real estate.

SGD 11 per sq. ft. every month (USD $103 per sq. ft. every year) at Raffles Place/Marina Bay, SINGAPORE

The core of Singapore's financial district is a bustling location for work, living, and recreation, and is served by a world-class subway system.

9. Golden Triangle, Champs Elysées region, PARIS: EUR 800 per square meter (USD $99 per square foot) every year

The heart of Paris' tourist and shopping is also a magnet for high-value-add enterprises like as international law firms and banks, as well as corporate tenants looking for accessible, high-quality buildings close to clients.

10. JPY 28,600 per tsubo each month (USD $98 per sq. ft. each year) in Marunouchi, TOKYO

Marunouchi, on the west side of Tokyo Station, is a long-established office district where luxury shopping is often found on the lower floors of buildings while office space is found on the upper floors.

11. ZURICH, Uraniastrasse and Paradeplatz area: CHF 900 per square meter per year (USD $91 per square foot per year)

Uraniastrasse and the Paradeplatz region in Zurich's central business district offer good accessibility and facilities, with office space dominated by the banking and private wealth management industries.

12. SHANGHAI's Lujiazui: RMB16 per square meter every day (USD $87 per square foot per year)

Lujiazui, Shanghai's largest CBD, has 650 Chinese and foreign financial institutions and was turned from vacant grassland to a busy financial area in just 20 years.