West End 'most expensive' for firms

West EndLondon's West End is the most expensive business district in the world, overtaking Hong Kong in the global rankings, according to a new study.

Property consultants DTZ said it cost around £15,000 a year to provide a work station for an employee in the West End, more than three times the global average.
The study of 126 business districts in 49 countries included rents, property tax and maintenance costs.

Costs fell by almost 11% in the United States last year, driven by a reduction in the amount of space allocated to workers.

Richard Howard of DTZ, said: "These figures are a tangible reflection of the fact that London is a highly attractive place to locate a business.

"It should be observed, however, that the West End alone has many different characteristics and price points, and there are areas of the West End that can be occupied at a marked discount to prime Mayfair rents."

Karine Woodford of DTZ, added: "The US was undoubtedly one of the stories of the year, with occupancy costs per work station falling in every city.

"Demand for space was low, reflecting a sluggish labour market and weak corporate sentiment, but the biggest reason for the decline was a trend across the board for greater space efficiency.
Read Full Story