In Singapore, office rental prices declined significantly, causing the country to fall to the 32nd spot in a list of the most expensive office rental markets around the world.

Previously, Singapore was in 9th place on the list a year ago and took the 15th spot in June 2009.

Singapore saw a 53.4 percent year-on-year decline in rents, said property consultant CB Richard Ellis (CBRE).

The office occupancy cost in Singapore now stands at US$63.89 per sq ft per annum. In 2008, rents in the country stood at US$135.13 per sq ft per annum. Singapore experienced the second steepest year-on-year decline in rentals – only behind Kiev, which dropped by 64.4 percent.

London's West End is once again the most expensive office market in the world, with rents at US$184.85 per sq ft per annum.

The Inner Central district in Tokyo came in second, with its Outer Central district in the number three spot.

Rounding up the top five are the central business district in Hong Kong in the number four spot and Moscow finishing at number five on the list.

Office markets around the world are going through declines in prime office occupancy prices, said CBRE.

In general, prices of prime office occupancy saw an average of 7.7 percent year-on-year drop worldwide.