Croatia has been ranked 50th in the world for office rental costs, according to the latest annual survey by global real estate advisor Cushman & Wakefield.

Rental levels moved down over the year in Croatia, as occupier demand weakened, states the Office Space Across the World 2010 report.

According to the report the average rent for prime office space in Croatian capital Zagreb is EUR 17 per square metre per month.

The report further states that rental office market’s outlook for 2010 is slightly more positive as rents stabilised during the second half of the year, and business sentiment is beginning to improve.

According to the report, the most expensive cities in terms of office space are Tokyo, London and Hong Kong.

There was a worldwide decline in the trend that determined the office markets in 2009, says the report. Globally, the fall was about 10 per cent, the first mass decline recorded since 2003. The trend has affected every market in the world to varying degrees.

Rent levels in 2009 had the lowest decline in North America, 8 per cent, while South America registered only 5 per cent. For Europe, the fall was about 11 per cent, mainly due to the strong decrease in Central and Eastern Europe.