London no longer ranks as the world’s most expensive office address, thanks to the financial crisis and falling value of the UK’s currency, while Midtown Manhattan maintained its standing as the 10th most expensive city for office rents.

London’s per-square-foot rent tanked 23 percent in 2008 to $181, giving way for Hong Kong to top the list at $225, followed by Tokyo at $213. Midtown, meanwhile, held steady at $107 a square foot. Globally, office rents rose by 3 percent on average, the slowest growth rate since 2004.